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This program is fostering the next generation of winemakers in Walla Walla

The allure of Washington’s wine industry has attracted many aspiring vintners to Walla Walla, where grapes are a way of life......»»

Category: topSource: bizjournalsAug 6th, 2022

Reimagining Real Estate Technology

There’s a lot of noise in the real estate technology space today, and tech fatigue is running rampant as brokerages continue to chase the next shiny object and throw significant sums of money at tools that don’t play nicely with one another. A bona fide problem in real estate, this tech fatigue is causing many… The post Reimagining Real Estate Technology appeared first on RISMedia. There’s a lot of noise in the real estate technology space today, and tech fatigue is running rampant as brokerages continue to chase the next shiny object and throw significant sums of money at tools that don’t play nicely with one another. A bona fide problem in real estate, this tech fatigue is causing many professionals to become frustrated with the products and services available to help them succeed. Using anywhere from 10 to 15 different technology products and/or services to accomplish the basics of their day-to-day routine, there’s no denying that brokers and agents are spending too much time, energy and money managing technology vendors, when their time could be better spent helping clients achieve the American Dream of homeownership. On a mission to streamline the experience from beginning to end, Elm Street is doubling down on its commitment to cut through the clutter. Holding true to its vision to provide real estate professionals one centralized dataset, one login and one intuitive dashboard to manage the best-in-class products and services that help organize and prioritize the day-to-day—all while facilitating human connection—Elm Street is reimagining real estate technology as we know it. Members of the executive team, photographed at Elm Street’s corporate office in Frisco, Texas. Front, seated L to R: Bondilyn Jolly, CMO; Jason Lindwall, COO; Sean McGee, CTOBack L to R: Shawn Connolly, GM, Elevate CRM; Prem Luthra, President and CEO All Roads Lead to Elm Street Elm Street was founded to provide the real estate sector and beyond with a creative, thoughtful technology toolset designed to help professionals initiate conversations and foster business relationships. Committed to providing the science, technology and thought-leadership to help clients proactively respond to the immediate and long-term needs of their audience, President and CEO Prem Luthra’s experiences ultimately paved the way to the creation of Elm Street. “We want to become an easy button for real estate professionals as it relates to technology and marketing services,” says Luthra. “It’s about making sure that the applications we offer a la carte—or as a bundled solution—are the best that they can be.” And, more importantly, they must work for the customer. “Real estate brokerages are collectively spending upwards of $30 billion a year on tools to make their business more successful, productive and efficient,” says Luthra. “But more often than not, the products aren’t integrated together, and real estate professionals find themselves trying to navigate multiple data entry points, each with its own login credentials.” Servicing an ever-expanding client base of real estate, mortgage and lending professionals, MLSs, associations and technology partners, Elm Street has grown into a North American company employing hundreds of hard-working individuals who serve tens of thousands of entrepreneurs in building their businesses while assisting their clients with achieving their real estate goals through every step of the process. “We aren’t in the technology business. We’re in the business of helping fulfill the American Dream of homeownership,” says Luthra. “We want our customers—agents and brokers—to focus on what they do best: serving the consumer and not worrying about figuring out the tech. By giving them something that works, we’re setting them up to be more productive, efficient and successful.” Prioritizing a People-First Vision It all begins with Elm Street’s belief that real estate is a people-first business, where relationships truly matter. In fact, Luthra and his entire leadership team genuinely care for the brokers, agents and partners they serve. Supporting the real estate process, Elm Street offers technology to organize, prioritize and facilitate human connection. According to Bondilyn Jolly, Elm Street’s CMO, the company’s people-first vision is one of the ways in which Elm Street differentiates itself from other tech firms in the space. “It shocks me that tech companies in the real estate space have such a bad rap,” says Jolly, who goes on to explain that at Elm Street, it’s all about putting people first, listening to the needs/challenges of their audience and providing thoughtful and meaningful tech to overcome those challenges and fulfill those needs. “We’re flipping the perspective of how we approach the needs of our audience by listening to them and putting them first,” adds Jolly. This includes Elm Street’s staff, its clients and partners, and those that they serve. While many companies were busy cutting personnel to stay afloat during the pandemic, Luthra and his team determined how they could go in and reforecast their goals and retain their staff members, supporting their people-first approach. Prem Luthra, Elm Street president and CEO. Elm Street is Luthra’s fourth start-up in the real estate space. “We lost very little of our workforce over the past two years, which is a testament to Prem’s leadership and the vision of our people-first company,” says Jolly, underscoring the importance of placing those who make the company run above everything else. “We need a staff that is not only aligned with this vision, but supports it as well,” says Jolly. “This translates to an audience that understands that we are there to fulfill their needs, that we have their backs and that we understand what they are trying to accomplish.” Culture ensures that this people-first vision extends across the board. “We are big on culture, and having acquired 12 companies over the past six years, we’ve inherited a different corporate culture with each one,” explains Jolly. “When a company comes into the Elm Street story, they’re more willing to let go of their past stories if they feel that they are truly aligned and supported within the larger story,” she adds. Serving a variety of audiences, enforcing the value of what Elm Street is providing and making sure their partners are getting what they need is mission critical. “We have to understand what is going on down in the trenches, as those customer-support people are our first line of defense,” says Jolly. To that end, having support teams that specialize in understanding the needs/challenges of those particular audiences—and making sure they’re being met—is crucial when it comes to ensuring that everyone is in alignment. Partner Versus Vendor: The Quest to Deliver Meaningful Experiences Elm Street prides itself on its quest to deliver meaningful experiences to those the company serves, which goes a long way in solidifying the company’s vision as an industry partner, rather than a vendor. For Ian Hoover, broker/owner of Deacon & Hoover Real Estate Advisors in Carnegie, Pennsylvania, it’s this distinction that ultimately placed Elm Street above the other contenders being considered for the firm’s marketing needs. “Having interviewed 50 software companies and spending close to 45 hours on this project, once I narrowed it down to my top five, I let the final decision rest in my agents’ hands, because what it truly boiled down to was whether or not they liked the software,” says Hoover. Tipping the scales in Elm Street’s favor was the overall vibe and service provided right from the get-go. “Culture is our No. 1 priority at Deacon & Hoover Real Estate Advisors, and Stephanie Alfonso, one of Elm Street’s regional directors, has always been available to hop on the phone or meet with us via Zoom to answer any questions we may have,” explains Hoover. “She’s constantly communicating with us as to where we are, where we need to be and what we need to do to get there,” adds Hoover, who can’t say enough about the firm’s experience with Elevate, Elm Street’s social media marketing CRM. Members of the Elm Street team enjoying some friendly competition. With offices in Frisco, Eugene, Austin and Toronto, plus teams spread across 20 states and two countries, fostering a work hard/play hard culture is an important part of recruiting and retaining top talent. Offering an advanced CRM, IDX websites, lead generation, marketing automation, a text concierge and automated listing posts directly to social media, Elevate is changing the firm’s social media game. “Elm Street’s focus on social media was one of its biggest draws,” Hoover says. Looking to position the firm as the No. 1 social media brokerage in its market, according to Hoover, the only way to achieve this lofty goal is if everyone contributes. “Social media is the right thing to do,” he notes. “It’s your sphere, your connection and how you build your business.” And thanks to Elevate, each and every one of Hoover’s agents has a robust social media presence, without all the work. With myriad products and services to choose from, the Elm Street family covers all the bases, setting up real estate brokerages large and small for continued success, no matter the market. Carolina One Real Estate, one of the largest brokerages in South Carolina, recently turned to Elm Street in order to beef up their presence and bring their recruiting game to a whole new level. “While we have an internal marketing department focused on assisting with the task of promoting the firm’s 1,000 agents, it became clear that our recruiting division was lacking when it came to electronic touches, email drip campaigns to keep us top of mind and the ability to offer something of value,” says Katie Maus with agent services at Carolina One Real Estate. Looking for a marketing team to create collateral to support the firm’s recruiting efforts, Maus turned to Elm Street’s 3sixtyfive.agency. Even though the partnership is relatively new, according to Maus, there is no shortage of benefits associated with working with the full-service creative and consulting agency. Austin Line, account representative, captured in mid-demo. The Elm Street team is committed to helping prospects and clients explore and select the right products and services to suit their business needs. “What impressed me most about Elm Street is the fact that they don’t operate under a one-size-fits-all philosophy,” says Maus. “They took the time to learn about us and understand our company and its value proposition before turning it into messages and downloads for current and prospective agents that not only look professional, but also like they come directly from us,” she adds. Drilling down even further, Maus explains that working with Elm Street is all about helping build brand awareness and reframing the industry’s perception of who Carolina One Real Estate is. “Having a team that understands digital marketing and can guide us toward creating a successful recruiting program has allowed our internal recruiting division to focus on building relationships and moving the needle in other ways,” notes Maus. From email drip campaigns, content that can be digitally downloaded to digital ads and everything in between, the power of communication and collaboration that Elm Street offers has proven to be a true gamechanger for Carolina One Real Estate. “Not only is the team at Elm Street receptive to our needs, but we also have direct lines of communication open with them,” says Maus. Advancing the Path to Business Efficiency With nearly three decades of industry experience under his belt, Luthra is no stranger to the start-up scene. In fact, Elm Street is his fourth start-up in this vertical that caters to providing technology and digital marketing services to REALTORS®. Having made significant progress over the past six years, Luthra and his team are more committed than ever to reimagining real estate technology as we head toward the future. “Real estate professionals are busy people whose core strength is working with the consumer as they move through the buying and/or selling process. They shouldn’t have to worry about the tech stuff,” says Luthra, who is laser-focused on his commitment to providing real estate professionals an end-to-end platform while taking care of all the hard work that goes on behind the scenes. “We want Elm Street to be the first place real estate professionals login in the morning, and the last place they login at night,” says Luthra. Looking ahead, it’s all about keeping an eye on what’s happening and understanding the tools, resources and tech its clients need in order to move them further down the path of business efficiency. “We’ve done some very aggressive M&A activity over the past six years when we were focused on bringing in best-in-class companies that specialized in very niche or unique areas of our business story,” says Jolly. “Today, we are focused on the simplification of what the experience looks like. This involves taking the best of everything we’ve acquired and layering it into one singular dataset—or one intuitive dashboard—that allows flexibility and customization,” she adds. “It’s been a lot of fun building the business and solving for the frictions that exist in the marketplace,” concludes Luthra. Explore the Elm Street difference by connecting with an Elm Street success coach at elmstreet.com. The post Reimagining Real Estate Technology appeared first on RISMedia......»»

Category: realestateSource: rismediaJun 6th, 2022

Monte Rosa Therapeutics Announces First Development Candidate and Reports Third Quarter 2021 Financial Results and Business Updates

– Initiated Investigational New Drug (IND)-Enabling Activities for MRT-2359, a Molecular Glue Degrader Selectively Targeting GSPT1 – – Presented Preclinical Data at AACR-NCI-EORTC Highlighting the Potential of GSPT1-directed Molecular Glue Degraders for the Treatment of Myc-driven Cancers – BOSTON, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE), a biotechnology company developing novel molecular glue-based precision medicines, today reported business highlights and financial results for the third quarter, ended Sept. 30, 2021. "This year has been marked by several exciting and significant milestones for Monte Rosa, culminating in the naming of our first development candidate, MRT-2359, selectively targeting GSPT1 for the treatment of cancers driven by one of the Myc family genes," said Markus Warmuth, M.D., CEO of Monte Rosa. "Preclinical data recently presented at AACR-NCI-EORTC underscores the potential of our molecular glue degraders to differentially induce cell death in Myc-addicted tumors. With the selection of MRT-2359 as our lead candidate, we are now positioned to rapidly advance our clinical development plan in both solid tumors and hematological malignancies. We have initiated IND-enabling studies and look forward to submitting our first IND to the FDA in mid-2022." Owen Wallace, Ph.D., Chief Scientific Officer of Monte Rosa, added, "Advancing our first development candidate into IND-enabling activities is one of the most important milestones for our company to date. On a similar trajectory, our NEK7 degrader program has progressed into lead optimization, and we expect at least one additional program to move into lead optimization in 2021. In parallel, we continue to make important progress in the development of our unique and proprietary QuEEN™ platform and compound library, bringing us closer to our goal of tackling the previously undruggable target protein universe and fostering a new generation of precision medicine therapeutics." THIRD QUARTER 2021 & RECENT HIGHLIGHTS Selected first development candidate, MRT-2359, targeting GSPT1 and initiated IND-enabling activities. The company's lead program targets GSPT1 for the treatment of cancers driven by one of the Myc family genes (c-Myc, N-Myc and L-Myc). The Myc transcription factors are some of the most frequently activated oncogenes in human cancers. Myc-driven cancer cells are highly addicted to protein translation. Because of the key role of GSPT1 in protein synthesis, GSPT1 degradation leads to apoptosis preferentially in these cells. MRT-2359 is a potent, selective and orally bioavailable GSPT1-directed molecular glue degrader in vitro and in vivo. MRT-2359 has been shown to induce tumor regression in multiple Myc-driven preclinical models of non-small cell lung cancer, small cell lung cancer and multiple myeloma. Presented preclinical data highlighting potential of molecular glue degraders for the treatment of Myc-driven cancers. The data, selected for a late-breaking poster presentation at the AACR-NCI-EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics, demonstrate a novel link between GSPT1 and Myc-induced transcription and protein translation. Presented at 4th Annual Targeted Protein Degradation Summit. The presentation, titled, "Molecular Glue Degraders: From Serendipity to Rational Design," showcased the capabilities of Monte Rosa's QuEEN™ (Quantitative and Engineered Elimination of Neosubstrates) platform and its impact on expanding target space. Presented at the BioData World Congress. The invited presentation showcased Monte Rosa's artificial intelligence platform and the company's pioneering work in AI and structural biology to identify molecular glue neosubstrates. Added to the Russell 2000® and Russell 3000® Indexes as part of second quarter initial public offering additions, effective Sept. 20, 2021. UPCOMING MILESTONES + EVENTS Submit Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for MRT-2359 in mid-2022. Continue lead optimization for NEK7 and advance at least one additional program into lead optimization in 2021. Progress proprietary programs beyond GSPT1 and NEK7, including CDK2, VAV1, BCL11A and additional undisclosed targets. Present at upcoming investor conferences, including: 33rd Annual Piper Sandler Virtual Healthcare Conference, Nov. 30-Dec. 2, 2021 40th Annual J.P. Morgan Healthcare Conference, Jan. 9-13, 2022 THIRD QUARTER 2021 FINANCIAL RESULTS Research and Development (R&D) Expenses: R&D expenses for the third quarter of 2021 were $15.1 million, compared to $5.5 million for the third quarter of 2020. The increase in R&D expense was primarily due to the expansion of research and development activities, including the advancement of development candidate MRT-2359, increased headcount and facilities in the United States and Switzerland, as well as corresponding increases in laboratory-related expenses. General and Administrative (G&A) Expenses: G&A expenses for the third quarter of 2021 were $4.8 million, compared to $0.9 million for the third quarter of 2020. The increase in G&A expenses were a result of increased headcount and expenses in support of the company's growth and operations as a public company. Net Loss: Net loss for the third quarter of 2021 was $19.8 million, compared to $6.6 million for the third quarter of 2020. Cash Position and Financial Guidance: Cash and cash equivalents as of Sept. 30, 2021, were $367.0 million, compared to $41.7 million as of December 31, 2020. The company expects its cash and cash equivalents, including the aggregate net proceeds from the initial public offering, will be sufficient to fund planned operations and capital expenditures into late 2024.        About Monte RosaMonte Rosa Therapeutics is a biotechnology company developing a portfolio of novel molecular glue degrader precision medicines. These medicines are designed to employ the body's natural mechanisms to selectively eliminate therapeutically relevant proteins. The company has developed a proprietary protein degradation platform, called QuEENTM (Quantitative and Engineered Elimination of Neosubstrates), that enables it to rapidly identify protein targets and molecular glue degrader, or MGD, product candidates that are designed to eliminate therapeutically relevant proteins in a highly selective manner. The company's drug discovery platform combines diverse and proprietary chemical libraries of small molecule protein degraders with in-house proteomics, structural biology, AI/machine learning-based target selection and computational chemistry capabilities to predict and obtain protein degradation profiles. Monte Rosa was launched from founding investor Versant Ventures' Ridgeline Discovery Engine and is headquartered in Boston, Mass., with research operations in both Boston and Basel, Switzerland.  Forward-Looking StatementsStatements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding MRT-2359 including the timing for filing of an IND with the U.S. FDA, the development of the NEK7 and other programs, including timing for lead optimization and development candidate selection in each program, and the Company's expected cash runway. Any forward-looking statements in this statement are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: the success, cost, and timing of the Company's program development activities and IND-enabling studies, the Company's ability to execute on its strategy, regulatory developments in the United States, the Company's ability to fund operations, and the impact that the current COVID-19 pandemic will have on the Company's clinical trials and pre-clinical studies, supply chain, and operations, as well as those risks and uncertainties set forth in its registration statement on form S-1 filed, the quarterly report on Form 10-Q to be filed for the quarter ended September 30, 2021, and its other filings with the United States Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. Consolidated Balance Sheets (in thousands, except share and per share amounts) (unaudited) (in thousands, except share and per share amounts)   September 30,     December 31,   (unaudited)   2021     2020   Assets             Current assets:             Cash and cash equivalents   $ 367,034     $ 41,699   Prepaid expenses and other current assets     3,485       1,892   Total current assets     370,519       43,591   Property and equipment, net     11,801       4,623   Restricted cash     1,729       1,164   Total assets   $ 384,049     $ 49,378   Liabilities, convertible preferred stock and stockholders' deficit             Current liabilities:        .....»»

Category: earningsSource: benzingaNov 10th, 2021

Folsom Lake College offers program on winemaking, vineyard management

The next generation of winemakers in the Sierra Foothills can start their education close to home, thanks to a new program at Folsom Lake College. The college is launching its viticulture program this fall. Students who complete the program will .....»»

Category: topSource: bizjournalsMay 31st, 2019

FirstEnergy (FE) Upgrades Transmission Lines With Aerial Crew

FirstEnergy's (FE) subsidiary, American Transmission Systems, uses aerial helicopter services to upgrade the transmission line in northeast Ohio as part of the 'Energizing the Future' plan. FirstEnergy Corporation’s FE subsidiary, American Transmission Systems Inc. (“ATSI”), has announced that it is using proactive aerial services along the 68-mile transmission line corridor that runs through the Carroll, Columbiana, Jefferson, Stark and Summit counties. FirstEnergy is replacing more than 1,100 insulators using helicopters and ground crews, which will lessen the likelihood of power outages in northeast Ohio.In comparison to sending ground crews to each facility, FE is adopting the aerial method that is quicker and more effective since it gives a larger view of electrical equipment and enables the examination of dozens of miles of power lines in a day.In July, ATSI started replacing insulators and expects to complete replacements on 376 transmission structures along the corridor by this year. The upgrade is being conducted on the 345-kilovolt transmission line running northwest from a substation in Stratton, OH, to a substation in Wadsworth, OH.The project is part of the ‘Energizing the Future’ plan, a $7-billion initiative, which aims at enhancing and expanding regulated transmission capabilities to reinforce the power grid and help reduce the frequency and duration of customer outages.Need for Infrastructure UpgradeElectricity generation, transmission and distribution facilities operated by utilities run the possibility of an equipment breakdown or failure due to the aged infrastructure and adverse weather conditions. As a result, utilities are adopting measures to replace and inspect the outdated infrastructure with new cutting-edge technology and equipment.FirstEnergy is working consistently on maintaining its infrastructure to serve its six million customers more efficiently. Since 2014, FirstEnergy has upgraded or replaced existing power lines, incorporated smart technology into the grid and upgraded dozens of substations with new equipment and enhanced security features.Per the ‘Energizing the Future’ plan, FE aims to invest $3.3 billion in 2022, 15% higher compared with the 2021 investments, to strengthen the grid and lead a clean energy transition.Zacks Rank & Price PerformanceFirstEnergy currently has a Zacks Rank #3 (Hold). In the past year, shares of FE have rallied 3.7% compared with the industry’s growth of 8.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Image Source: Zacks Investment ResearchUtilities’ Focus on InfrastructureTo provide a 24X7 electricity supply for consumers, utilities are investing heavily in strengthening their infrastructure. They are replacing old transmission and distribution lines and adopting technological upgrades to increase the resiliency of infrastructure for withstanding the impact of extreme weather conditions. To name a few are Xcel Energy XEL, NiSource NI and Pinnacle West Capital PNW.Xcel Energy continues to invest substantially in its utility assets and aims to strengthen and expand its transmission, distribution, electric generation and renewable projects. XEL aims to spend $26 billion during the 2022-2026 period, which includes $1.5 to $2.5 billion in incremental opportunities.NiSource is working on a long-term utility infrastructure modernization program and made capital investments worth $1.9 billion in 2021 and plans to invest in the range of $2.4-$2.7 billion in 2022. NI estimated $40-billion long-term natural gas and electric infrastructure investment opportunities, which are expected to drive earnings beyond 2024.To efficiently serve its expanding customer base, Pinnacle West Capital has systematic investment plans to increase generation and strengthen its transmission and distribution lines. After investing $1.5 billion in 2021, it aims at investing $1.53 billion in 2022. PNW also plans to invest $4.7 billion during the 2022-2024 period. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Xcel Energy Inc. (XEL): Free Stock Analysis Report NiSource, Inc (NI): Free Stock Analysis Report FirstEnergy Corporation (FE): Free Stock Analysis Report Pinnacle West Capital Corporation (PNW): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksAug 12th, 2022

Lockheed (LMT) Wins $524M Deal to Support F-35 Jet Program

Lockheed (LMT) is set to procure long-lead time materials, parts, components, and effort for the production of 14 F-35A aircraft and four 15 F-35B aircraft Lockheed Martin Corp.’s LMT business segment, Aeronautics, recently won a modification contract involving the F-35 fighter jet program. The award has been offered by the Naval Air Systems Command, Patuxent River, MD.Details of the DealValued at $524.1 million, the contract is expected to get completed by June 2025. Per the terms of the agreement, Lockheed will procure long-lead time materials, parts, components, and efforts for the production of 14 F-35A aircraft and four 15 F-35B aircraft.The contract will cater to the government of Italy. The majority of the work related to this deal will be carried out in Fort Worth, TX.F-35 to Remain a Growth DriverThe recent tiff between Russia and Ukraine led to nations increasing their defense spending on military equipment and arsenals to strengthen their defense systems. Military aircraft with multi-mission capabilities are an integral part of any efficient defense system.It is imperative to mention that Lockheed Martin enjoys a dominant position in the global military aircraft space with its F-35 fleet. The stealth aircraft boasts features that make it an ideal choice for many nations. Moreover, LMT’s constant efforts to modernize and upgrade the aircraft with advanced technologies and enhance its capabilities to meet the current warfare needs boost demand significantly.The F-35 program remained the largest revenue generator for its Aeronautics business unit and accounted for 68% of Aeronautics’ net sales in 2021.Lockheed Martin has delivered 814 F-35 airplanes since the program's inception, with 169 jets in backlog till June 2022. This, along with the latest contract win, surely boosts the sales expectation for the Aeronautics business segment.  The stealth aircraft is expected to witness a continued upswing in its demand as the U.S. government’s current inventory objective is pegged at 2,456 aircraft for the U.S. Air Force. This, in turn, should bolster LMT’s revenues from the military aircraft arena.Growth ProspectsPer Mordor Intelligence projections, the global military aircraft market is expected to witness a CAGR of more than 4% during 2022-2031. Such projections indicate immense opportunities for Lockheed Martin to further reap the benefits of military aircraft market expansion.Prominent defense majors that are involved in the manufacturing of military aircraft are Northrop Grumman NOC, Airbus Group EADSY and Textron TXT.Since its inception, Northrop Grumman has been a pioneer in the development of manned aircraft. From fighter jets and stealth bombers to surveillance and electronic warfare, Northrop Grumman has been providing manned solutions to customers worldwide. It has built some of the world’s most advanced aircraft, ranging from the innovative B-2 Spirit stealth bomber to the game-changing E-2D Advanced Hawkeye.Northrop Grumman has a long-term earnings growth rate of 2.2%. The Zacks Consensus Estimate for NOC’s 2022 sales indicates an improvement of 2% from 2021’s reported figure.Airbus Group’s military aircraft comprises the A400M, the C295 tactical transporter, the new-generation A330 Multi Role Tanker Transport and the Eurofighter, the most modern swing-role fighter ever conceived.Airbus Group’s long-term earnings growth rate is pegged at 12.4%. The company boasts a four-quarter average earnings surprise of 53.85%.Textron’s military aircraft includes the Beechcraft T-6 training aircraft and the Beechcraft AT-6 light attack aircraft. The company also manufactures the Beechcraft Model 18 light bomber, the T-44 and T-34 training aircraft, and the T-1A jet trainer.Textron boasts a long-term earnings growth rate of 12.5%. The Zacks Consensus Estimate for TXT’s 2022 sales indicates year-over-year growth of 6.5% from the prior year reported figure.Price MovementIn the past year, shares of Lockheed Martin have gained 19.8% against the industry’s fall of 33.3%.Image Source: Zacks Investment ResearchZacks RankLockheed Martin currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Northrop Grumman Corporation (NOC): Free Stock Analysis Report Textron Inc. (TXT): Free Stock Analysis Report Airbus Group (EADSY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksAug 12th, 2022

Greystone Provides Fannie Mae Financing for Multifamily Property in Washington, DC through HAND Housing Equity in Action Partnership

Greystone, a leading national commercial real estate finance company, has provided a $900,000 Fannie Mae loan to refinance a multifamily property in Washington, DC, through the Equity in Action initiative launched by The Housing Association of Nonprofit Developers (HAND), the Washington Region’s premier member association advocating for affordable housing production... The post Greystone Provides Fannie Mae Financing for Multifamily Property in Washington, DC through HAND Housing Equity in Action Partnership appeared first on Real Estate Weekly. Developer Ayesha Johnson and Greystone (Kenya Pleasant and Alicia Cotton-Doney) Greystone, a leading national commercial real estate finance company, has provided a $900,000 Fannie Mae loan to refinance a multifamily property in Washington, DC, through the Equity in Action initiative launched by The Housing Association of Nonprofit Developers (HAND), the Washington Region’s premier member association advocating for affordable housing production and preservation. The financing was originated by Alicia Cotton-Doney, Senior Managing Director at Greystone, on behalf of The Ayesha M. Johnson Revocable Trust. Greystone and HAND launched Equity in Action in 2021 to increase access to working capital for BIPOC real estate developers who face challenges to capital access, asset-based wealth generation, and economic mobility. HAND members gain direct access to advisory and financing solutions for affordable housing construction, refinancing, recapitalization and acquisition, including access to Greystone’s #1 ranked FHA lending platform. Built in 1974 and acquired in 2005, 4905 Nash in the District of Columbia’s Deanwood neighborhood, is a mid-rise building consisting of 12 units. The non-recourse, fixed-rate $900,000 Fannie Mae loan carries a 10-year term and 30-year amortization period, as well as three years of interest-only payments and a 54% loan-to-value (LTV). In addition to refinancing, loan proceeds enable the borrower to continue to operate the property and monetize a portion of their equity. “For decades, advocates have pointed to patterns of discrimination in the lending sector that have perpetuated barriers for BIPOC developers to access the capital they need to execute on their plans for creating affordable housing,” said Heather Raspberry, Executive Director, HAND. “Equity in Action is disrupting this system while ensuring BIPOC developers and their future residents are provided real opportunities to thrive.” “We are thrilled to leverage our extensive multifamily lending platform and expertise to secure the right financing for our client,” said Ms. Cotton-Doney. “Greystone is deeply committed to making quality housing accessible to all communities. It’s our hope that other BIPOC commercial borrowers will draw on the resources available through the Equity in Action program to help address the housing crisis in Washington, DC.” “Thanks to Heather Raspberry and the impactful work of HAND, I began a journey with Greystone as my lending partner. Closing on this transaction is the culmination of a collaborative effort and focused intentions,” said Ms. Ayesha Johnson, principal of the borrower. “Alicia and the rest of the Greystone team were both supportive of and responsive to my specific needs and as a result, the current and future residents at this property will benefit for years to come. HAND and Greystone together have given usaccess to the knowledge and capital that enables us to maintain livable spaces as well as improve and beautify our community, one building at a time.” The post Greystone Provides Fannie Mae Financing for Multifamily Property in Washington, DC through HAND Housing Equity in Action Partnership appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyAug 11th, 2022

National Association of REALTORS® Announces 2023 Leadership Academy Class

NAR has announced the roster of its 2023 Leadership Academy class. Twenty REALTORS® from across the country have been chosen to participate in the 10-month program, which will prepare emerging state and local volunteers for future leadership positions at NAR. “NAR’s Leadership Academy identifies, inspires and mentors the next generation of REALTOR® leaders for future opportunities… The post National Association of REALTORS® Announces 2023 Leadership Academy Class appeared first on RISMedia......»»

Category: realestateSource: rismediaAug 10th, 2022

Samsung"s new Galaxy Watch 5 smart watches have improved health tracking and tougher glass displays

In addition to better performance and build quality, the Samsung Galaxy Watch 5 now comes in a pro model designed for the great outdoors. When you buy through our links, Insider may earn an affiliate commission. Learn more.Samsung Samsung's newest smartwatches, the Galaxy Watch 5 and Galaxy Watch 5 Pro, are now available for preorder. The new models have more accurate health tracking, while the Pro is designed for the outdoors. Preorders run through August 25 and come with some promotions and savings. Samsung's newest Galaxy Watch models, the Galaxy Watch 5 and Galaxy Watch 5 Pro, boast a few new features and improvements over the Galaxy Watch 4, which we called the closest thing to an Apple Watch for Android users. The biggest update, according to Samsung, is that the Watch 5's health tracking is more accurate. Indeed, health and fitness continue to be the main selling points.The Watch 5, available in 44mm and 40mm, is geared toward everyday use, while the Pro model — brand-new to the Galaxy Watch lineup — is more durable that makes it better suited for outdoor use. It also has a larger 45mm display and battery than the standard Watch 5.Both smartwatches are now available to preorder. Below, we've outlined full details on pricing and specs, along with a rundown of the differences between this generation of Galaxy Watch and the last.The Samsung Galaxy Watch 5 (left) and Galaxy Watch 5 Pro (right).Samsung How to preorder the Samsung Galaxy Watch 5 and Galaxy Watch 5 ProNow through August 25, the Galaxy Watch 5 and Galaxy Watch 5 Pro are available for preorder. They'll be in stores starting August 26. The Galaxy Watch 5 starts at $280 for Bluetooth and $330 for LTE. The Galaxy Watch 5 Pro starts at $450 for Bluetooth and $500 for LTE.Preorders are eligible for these promotions:One free Wireless Charger Duo$75 off the Galaxy Watch 5 or $125 off the Galaxy Watch5 Pro with eligible trade-in$50 Samsung Credit toward Galaxy accessoriesGalaxy Watch5 and Galaxy Watch5 Pro Specs Galaxy Watch 5Galaxy Watch 5 ProDisplay44mm and 40mm45mmBattery410mAh (44mm) and 284mAh(40mm)590mAhProcessorExynos W920 Dual-Core 1.18GHzOperating systemWear OS Powered by Samsung (Wear OS 3.5)Memory and storage1.5 GB RAM and 16GB internal storageConnectivityWi-Fi, Bluetooth 5.2, LTE, NFC, GPS, Glonass, Beidou, GalileoSensorsSamsung BioActive Sensor, Temperature Sensor, Accelerometer, Barometer, Gyro Sensor, Geomagnetic Sensor, Light SensorHow is the Samsung Galaxy Watch 5 different from the Watch 4?Like the Apple Watch, Samsung is emphasizing the Galaxy Watch's health and fitness attributes. There's a wealth of wellness-tracking insights and compatibility with Samsung's online fitness program.In a lot of ways, the Galaxy Watch 5 looks like its predecessor. Indeed, functionality and features like the processor, operating system, memory, sensors, and storage remain consistent. But Samsung says health metrics are more accurate than the Watch 4 due to a greater surface coverage area that allows for more contact with the skin, and the addition of a new temperature sensor.The Galaxy Watch 5's battery is also 13% larger and charges faster than the Watch 4 (410 mAh for the 44mm and 284 mAh for the 40mm). Samsung says it's also its first smart watch to use a Sapphire Crystal display with a 60% harder layer. The Watch 5 Pro model takes things futher with an all-around more rugged build. In addition to the Sapphire Crystal display, it has a titanium casing with a protruded bezel for extra protection, and a D-Buckle Sport Band for durability. The watch is also larger, which allows for a larger batter (590mAh) but it could turn away users with smaller wrists. All these features are designed for the outdoor enthusiast, whether it be hiking or biking.Should you preorder the Samsung Galaxy Watch 5?If you're a fan of having the latest gadgets, the new Galaxy Watch 5 is well worth considering. If it's anything like the Galaxy 4 (we have no doubt as both share the same features and functions), it could be the best watch for Android users. The new model's longer battery life, more durable display, and more accurate health tracking could make the Galaxy Watch 5 a solid step up from the Galaxy Watch 4.Samsung is sweetening the pot with preorder savings and promotions if you buy direct from the company. While the Watch 5 seems to be an evolution over the Watch 4, we will still hold off on giving a full recommendation until we've had a chance to properly test it out. Learn more about the best smartwatches for every user.  Read the original article on Business Insider.....»»

Category: dealsSource: nytAug 10th, 2022

Aadi Bioscience Announces Financial Results for the Second Quarter of 2022 and Provides Corporate Update

FYARRO® (nab-sirolimus) net product sales reached $3.4 million for the second quarter of 2022 PRECISION 1 Phase 2 tumor-agnostic registration-directed trial continues enrollment and rapid site activation at major cancer centers and large community networks; preliminary data expected 1H23 Conference call to be held today at 8:30 am EDT LOS ANGELES, Aug. 10, 2022 /PRNewswire/ -- Aadi Bioscience, Inc. (NASDAQ:AADI), a biopharmaceutical company focused on developing and commercializing precision therapies for genetically defined cancers with alterations in mTOR pathway genes, today provided a corporate update and announced financial results for the second quarter of 2022. "We continue to progress in key areas after our first full quarter following FYARRO's launch. We are excited to see FYARRO reaching more patients through continued account adoption and steady growth in overall sales," said Neil Desai, Ph.D., Founder, President and Chief Executive Officer of Aadi. "We are also encouraged by the progress on our tumor agnostic PRECISION 1 trial targeting TSC1 and TSC2 inactivating alterations which continues to ramp up, with activation of additional clinical trial sites and patient enrollment. We anticipate providing preliminary data on a meaningful number of patients in this trial during the first half of 2023.  In addition, we continue to evaluate strategies for new clinical indications of nab-sirolimus either as single agent or in combination with other targeted therapies with the potential for new programs as early as 2023." Corporate Updates for the Second Quarter 2022 FYARRO net product sales for the three months ended June 30, 2022 were $3.4 million, the first full quarter of sales following the product launch late in the first quarter. A product-specific permanent J-code (J9331) for FYARRO from Centers for Medicare and Medicaid Services (CMS) became effective on July 1, 2022. This code is expected to further facilitate reimbursement for FYARRO. The Company announced its addition to both the U.S. small cap Russell 2000® Index and broad-market Russell 3000® Index at the conclusion of the 2022 Russell indexes annual reconstitution, which captures the 4,000 largest U.S. stocks, ranking them by total market capitalization. Partnerships with prominent next generation sequencing (NGS) providers and leaders in genomic testing and profiling was announced during the quarter, which included Foundation Medicine, Tempus and others. The Company is leveraging these partnerships to expedite patient identification and recruitment for the ongoing PRECISION 1 trial of nab-sirolimus in patients harboring tumors with inactivating alterations in TSC1 or TSC2 genes, and is making significant progress toward opening the trial in at least 20 major cancer centers and upward of 120 treatment sites in the U.S. by the end of 2022. A poster presentation entitled, "nab-Sirolimus for patients with advanced malignant PEComa with or without prior mTOR inhibitors: Biomarker results from AMPECT and an expanded access program" was presented at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting. The data included exploratory biomarker results reported from the final analysis of mTOR inhibitor-naïve advanced malignant PEComa patients treated with nab-sirolimus in the Advanced Malignant PEComa Trial (AMPECT) trial as well as an analysis of prior mTOR inhibitor exposed advanced malignant PEComa patients treated with nab-sirolimus in the Expanded Access Program (EAP) through June 2021. Findings from both the AMPECT study and the EAP showed greater clinical benefit in patients with TSC1 or TSC2 inactivating alterations who received nab-sirolimus compared to all evaluable patients, regardless of prior mTOR inhibitor exposure. The Company sponsored a poster at the Annual Meeting of the American Association for Cancer Research (AACR) which indicated the incidence of advanced cancer patients carrying TSC1 or TSC2 inactivating gene alterations numbered approximately 12,000 annually in the US, thus potentially rendering these patients eligible for nab-sirolimus therapy. Second Quarter 2022 Financial Results Cash and cash equivalents on June 30, 2022 were $118.7 million, compared to $149.0 million as of December 31, 2021. Based on current plans, the Company expects cash and cash equivalents to fund operations into 2024. Total revenue for the quarter ended June 30, 2022 was $3.4 million resulting from sales of FYARRO. In the second quarter of 2022, the Company recorded a non-cash impairment charge of $3.7 million to write-off the value of an intangible asset related to the Gossamer license agreement with the Company's predecessor, Aerpio. Net loss for the three months ended June 30, 2022 was $18.3 million compared to $1.5 million for the three months ended June 30, 2021. Conference Call Information   The Aadi management team is hosting a conference call and webcast today at 8:30 am ET (5:30 am PT) to provide a corporate update and discuss results for the second quarter of 2022. Participants may access a live webcast of the call on the "Investors & News" page of the Aadi Biosciences website at aadibio.com. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the conference call and webcast will be archived on the Company's website for at least 30 days. About FYARRO® FYARRO is an mTOR inhibitor indicated for the treatment of adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumor (PEComa). About the PRECISION 1 Trial The PRECISION 1 trial is a multi-center, open-label, tumor-agnostic pivotal study, of nab-sirolimus designed as a basket trial that will evaluate approximately 120 adult and adolescent patients with solid tumors harboring pathogenic inactivating alterations in TSC1 or TSC2 genes. The trial will have two independent arms of 60 patients each to separately evaluate patients with either TSC1 or TSC2 inactivating alterations. Aadi has received Fast Track designation to evaluate nab-sirolimus in this indication from the FDA.  The first patient in the PRECISION 1 trial was dosed in March 2022.  About Aadi Bioscience  Aadi is a biopharmaceutical company focused on precision therapies for genetically defined cancers. Aadi's primary goal is to bring transformational therapies to cancer patients with mTOR pathway driver alterations where other mTOR inhibitors have not or cannot be effectively exploited due to problems of pharmacology, effective drug delivery, safety, or effective targeting to the disease site. In November 2021, Aadi received FDA approval for FYARRO® for the treatment of adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumor (PEComa), and in February 2022 Aadi announced the commercial launch of FYARRO in this indication. Based on exploratory data from AMPECT, Aadi's registrational study supporting approval in malignant PEComa, and following a pre-IND meeting with the FDA, Aadi has initiated PRECISION 1, a Phase 2 tumor-agnostic registration-intended trial in mTOR inhibitor-naïve malignant solid tumors harboring TSC1 or TSC2 inactivating alterations. More information on Aadi's development pipeline is available on the Aadi website at www.aadibio.com and connect with us on Twitter and LinkedIn. Forward-Looking Statements This press release contains certain forward-looking statements regarding the business of Aadi Biosciences that are not a description of historical facts within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the Company's current beliefs and expectations; plans and potential for success relating to commercializing FYARRO; expectations regarding the beneficial characteristics, safety, efficacy and therapeutic effects of FYARRO; plans related to further development and manufacturing of FYARRO; pricing and reimbursement of FYARRO; the rate and degree of market acceptance of FYARRO; anticipated reception of FYARRO in the physician community; the clinical results and timing of additional clinical trials, including the registration-directed trial in patients harboring TSC1 or TSC2 inactivating alterations; the timing and likelihood of regulatory filings and approvals of FYARRO, including in potential additional indications and potential filings in additional jurisdictions; and the sufficiency of our existing capital resources and the expected timeframe to fund our future operating expenses and capital expenditure requirements. Actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, those associated with the ability to successfully commercialize FYARRO; risks related to reimbursement and pricing of FYARRO; uncertainties associated with the clinical development and regulatory approval of FYARRO in additional indications, including potential delays in the commencement, enrollment and completion of clinical trials for additional indications; the risk that unforeseen adverse reactions or side effects may occur in the course of commercializing, developing and testing FYARRO; risks associated with the failure to realize any value from FYARRO in light of inherent risks and difficulties involved in successfully bringing product candidates to market; risks related to Aadi's estimates regarding future expenses, capital requirements and need for additional financing; and risks related to the impact of the COVID-19 pandemic on Aadi's operations, the biotechnology industry and the economy generally. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, including under the caption "Item 1. Risk Factors" and in Aadi's subsequent Quarterly Reports on Form 10-Q filed on May 12, 2022 and August 10, 2022, and elsewhere in Aadi's reports and other documents that Aadi has filed, or will file, with the SEC from time to time ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaAug 10th, 2022

Australia"s Central Bank Working With BIS To Launch Digital Currency System

Australia's Central Bank Working With BIS To Launch Digital Currency System Australia's Reserve Bank is launching a pilot program over the course of the next year in collaboration with the Bank for International Settlements (the central bank of central banks) to test the “benefits” of a blockchain ledger based digital currency system.  The central bank is added to a long list of participants in BIS efforts to introduce CBDCs (central bank digital currencies) with the target goal of launching them globally by 2025-2030. It's important to note that substantial economic changes would have to occur within the next few years in order to make CBDC a viable option for the general public.  Though many people use electronic transactions as a matter of convenience, a large portion of the population still prefers cash.  In the US, surveys within the last few years show that at least 37% of Americans still choose cash over other methods of payment like credit and debit cards.  In Australia, the number stands at around 32%.   The usage of digital payment systems also does not necessarily denote a societal shift away from the idea of cash, it only shows a preference for convenience.  People still like to know that cash exists as an option if they need it or want it, but central banks are working diligently to remove physical cash as a choice within the next 8 years.   CBDCs, much like all blockchain based currency mechanisms, are inherently devoid of privacy.  By it's very design, blockchain tech requires a ledger of transactions than can be tracked by governments if they so choose.  Physical cash, though fiat in nature, is at least anonymous.   With the advent of widespread CBDCs the very notion of privacy in trade would utterly disappear from society within a generation.  Not only that, but if these currencies are tied into a social credit system like the one used in communist China, then there is a good chance governments will be able to freeze accounts or even erase your savings at the push of a button.  And, without physical cash there would be no recourse for trade.  A person deemed “problematic” could be locked out of the economy on a whim.     The fact that the BIS is so heavily involved in national digital currency programs suggests that the ultimate goal of CBDCs will be an eventual global digital currency – A one world currency mechanism that all other digital currencies are eventually absorbed into.   This collaboration extends to the IMF and World Bank as well.  With so many physical currencies in use around the world and at least 30% of each western nation preferring cash, there is little chance that central banks will be able to force the issue of CBDCs unless there is an economic downturn or crash that inspires a public outcry for alternatives to existing currencies.  Meaning, banking elites will need a crisis that damages the very buying power of multiple currency systems in order to get people accept an aggressive shift to a cashless society before 2030. The pitfalls of such a framework are many and the potential for abuse goes far beyond the idea of fiat printing.  CBDCs would give banks and governments ultimate power of influence over the populace, inspiring fear in individuals as they consider the threat that their access to the economy could be severed at any moment should they say or do anything in defiance of the authorities. Banks and politicians will try to sell CBDCs as the pinnacle of convenience and a necessary transition in order to stabilize the economy.  What they will not mention is the pervasive level of control they will gain in the process.     Tyler Durden Tue, 08/09/2022 - 19:05.....»»

Category: blogSource: zerohedgeAug 9th, 2022

News Corporation (NWSA) Q4 Earnings Beat Mark, Sales Rise Y/Y

News Corporation's (NWSA) better-than-expected fourth-quarter fiscal 2022 results are driven by gains from revenue growth across most segments and contributions from the recent buyouts. News Corporation NWSA reported fourth-quarter fiscal 2022 results, wherein the top and the bottom line beat the Zacks Consensus Estimate and improved from the year-ago period’s respective figures. NWSA witnessed strength, primarily across Digital Real Estate Services, Dow Jones, News Media and Book Publishing segments.In fiscal 2022, Foxtel Group's streaming subscription revenues accounted for roughly 20% of the total circulation and subscription revenues.We note that shares of this diversified media and information services company have gained 2.5% in the past year against the industry’s decline of 25.4%.Quarterly DetailsNews Corporation delivered adjusted quarterly earnings of 37 cents a share. The bottom-line figure exceeded the Zacks Consensus Estimate of 11 cents and improved from adjusted earnings of 16 cents reported in the year-ago period.Total revenues of $2,674 million surpassed the Zacks Consensus Estimate of $2,591 million and grew 7% from the prior-year quarter’s levels. This benefited from strength in the entire revenue lines, including the recent acquisitions, particularly OPIS and Base Chemicals (rebranded as Chemical Market Analytics, CMA), and a $110-million gain from the additional week. Foreign currency fluctuations had a 6% negative impact on revenues. Adjusted revenues rose 9%.Total segment EBITDA climbed 50% year over year to $315 million, thanks to higher revenues and reduced expenses in the Other segment resulting from lower employee costs, led by stock price performance and a decline in non-recurring legal settlement costs. This was somewhat offset by higher costs at the Dow Jones, Digital Real Estate Services and Book Publishing segments. Foreign currency fluctuations had a $20-million negative impact on total segment EBITDA. Adjusted total segment EBITDA advanced 34%.Segment DetailsRevenues at the Digital Real Estate Services segment increased 7% year over year to $443 million, driven by a strong performance at Move and REA Group, including the acquisition of Mortgage Choice and a $14-million gain from the extra week in the fiscal fourth quarter. This was partly offset by a 5% negative impact from foreign currency fluctuations. Adjusted segment revenues increased 7%.Revenues in Move rose 4% to $193 million owing to increased real-estate revenues. Real Estate revenues, which contributed 84% to total Move revenues, improved 3% from the extra week in the reported quarter. The referral model generated 31% of the overall Move revenues. Move’s internal data shows that average monthly unique users of realtor.com’s web and mobile sites fell 13% year over year to 93 million.Revenues at the REA Group jumped 10% to $250 million, buoyed by increased financial services and higher Australian residential depth revenues.This presently Zacks Rank #4 (Sell) player’s Subscription Video Services segment’s revenues were $524 million, down 3% year over year. Increased revenues from Kayo and BINGE, as well as higher advertising revenues, were more than offset by lower revenues from the residential broadcast product. Foreign currency fluctuations adversely impacted the segment’s revenues by 7%. Adjusted segment’s revenues rose 4% year over year.Foxtel’s total closing paid subscribers were 4.4 million as of Jun 30, 2022, reflecting an increase of 13% year over year. The upside can be attributed to an increase in BINGE and Kayo subscribers, partly offset by lower residential broadcast subscribers. Broadcast subscriber churn improved to 13.8% from 17.1% in the prior year. Broadcast ARPU grew 2% year over year to A$83 (US$59).Revenues at the Dow Jones segment rose 26% year over year to $565 million on account of increased advertising revenues, growth in circulation and subscription revenues, a $40-million gain from the additional week and contributions from the buyouts of Investor’s Business Daily (“IBD”), OPIS and CMA. The segment’s digital revenues contributed 76% to total revenues. Adjusted segment revenues grew 16%.Circulation and subscription revenues improved 29% during the quarter under discussion. Circulation revenues rose 17%, driven by gains from the extra week, consistent strength in the digital-only subscriptions for Dow Jones’ consumer products and the acquisition of IBD. Professional information business revenues jumped 47%, mainly driven by the OPIS and CMA acquisition and a $14-million gain from the extra week. Digital circulation revenues represented 68% of circulation revenues.Advertising revenues increased 13%, primarily owing to a 16% rise in digital advertising revenues and 9% growth in print advertising revenues. Digital advertising accounted for nearly 58% of the total advertising revenues in the reported quarter.During the quarter, the overall average subscriptions to Dow Jones’ consumer products reached 4.9 million, up 9% from the prior-year quarter’s level. Digital-only subscriptions to Dow Jones’ consumer products rose 14%. Subscriptions to The Wall Street Journal jumped 8% to more than 3.7 million average subscriptions. Digital-only subscriptions to The Wall Street Journal increased 14% to 3.1 million average subscriptions and accounted for 83% of the total Wall Street Journal subscriptions.The Book Publishing segment reported revenues of $513 million, up 4% year over year, including a $20-million gain from the extra week. Growth in revenues was also driven by a $14- million contribution from the buyout of Houghton Mifflin Harcourt’s Books and Media segment (“HMH”). Revenues were also driven by increased frontlist sales in General books, including Finding Me by Viola Davis and The Mothers and Daughters of the Bible Speak by Shannon Bream, partly offset by reduced sales of the series of Bridgerton titles by Julia Quinn and lower sales of foreign language and Christian books as well as the negative impact of foreign currency fluctuations. Digital sales increased 9% year over year due to higher downloadable audiobook sales and made up 24% of Consumer revenues. Adjusted segment revenues rose 4%.Revenues in the News Media segment jumped 6% year over year to $629 million in the reported quarter. The segment’s revenues gained from increased advertising, and circulation and subscription revenues, and gains from the extra week. This was offset by the adverse impact of foreign currency fluctuations. Within the segment, revenues at News Corp Australia rose 6% and the metric at News UK was flat. Adjusted revenues for the segment climbed 14%.Circulation and subscription revenues improved 3%, backed by a $19-million benefit from the extra week in the quarter and increased content licensing revenues, more than offset by a 9% adverse impact from foreign currency fluctuations.Advertising revenues climbed 8% on improvement in digital advertising across businesses and gains from the extra week, partly offset by negative foreign currency fluctuations.Digital revenues contributed 35% to the News Media segment revenues compared with 32% in the year-ago quarter. The same accounted for 33% of the combined revenues of the newspaper mastheads. As of Jun 30, 2022, The Times and Sunday Times closing digital subscribers were 445,000. The same at the News Corp Australia was 964,000. The Sun’s digital offering reached nearly 165 million global monthly unique users in June 2022, while New York Post’s digital network attained about 198 million monthly unique users in the same month.Other Financial AspectsNews Corporation ended the quarter with cash and cash equivalents of $1,822 million, borrowings of $2,776 million and stockholders’ equity of $8,222 million, excluding non-controlling interest of $921 million.Net cash provided by operating activities amounted to $1,354 million during fiscal 2022. NWSA incurred capital expenditures of $499 million in the said period. Free cash flow available to News Corporation was $663 million. Robust cash generation funded the execution of the $1-billion share repurchase program.Check These 3 Trending PicksHere are three better-ranked stocks, namely Cadence Design Systems CDNS, Intuit INTU and Aspen Technology AZPN.Cadence Design Systems, which provides software, hardware, services and reusable integrated circuit design blocks worldwide, sports a Zacks Rank #1 (Strong Buy) at present. CDNS has a trailing four-quarter earnings surprise of 9.8%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Cadence Design Systems’ current financial-year revenues and EPS suggests growth of 17.1% and 24.9%, respectively, from the corresponding year-ago period’s actuals. CDNS has an expected EPS growth rate of 17.7% for three-five years.Intuit, the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp, currently carries a Zacks Rank #2 (Buy). INTU has a trailing four-quarter earnings surprise of 16.8%, on average.The Zacks Consensus Estimate for Intuit’s current financial year revenues and EPS suggests growth of 31.5% and 20.3%, respectively, from the corresponding year-ago period’s readings. INTU has an expected EPS growth rate of 15.6% for three-five years.Aspen Technology, a global leader in asset optimization software, presently carries a Zacks Rank of 2. AZPN has a trailing four-quarter earnings surprise of 4.1%, on average.The Zacks Consensus Estimate for Aspen Technology’s current financial-year revenues and EPS suggests growth of 9.8% and 5.6%, respectively, from the corresponding year-ago period’s numbers. AZPN has an expected EPS growth rate of 16.3% for three-five years. Want to Know the #1 Semiconductor Stock for 2022? Few people know how promising the semiconductor market is. Over the last couple of years, disruptions to the supply chain have caused shortages in several industries. The absence of one single semiconductor can stop all operations in certain industries. This year, companies that create and produce this essential material will have incredible pricing power. For a limited time, Zacks is revealing the top semiconductor stock for 2022. You'll find it in our new Special Report, One Semiconductor Stock Stands to Gain the Most. Today, it's yours free with no obligation.>>Give me access to my free special report.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report News Corporation (NWSA): Free Stock Analysis Report Intuit Inc. (INTU): Free Stock Analysis Report Cadence Design Systems, Inc. (CDNS): Free Stock Analysis Report Aspen Technology, Inc. (AZPN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksAug 9th, 2022

10 Semiconductor Stocks to Buy on the Dip

In this article, we discuss the 10 semiconductor stocks to buy on the dip. If you want to read about some more semiconductor stocks to buy on the dip, go directly to 5 Semiconductor Stocks to Buy on the Dip. Investors are starting to get concerned about chip stocks like NVIDIA Corporation (NASDAQ:NVDA), Taiwan Semiconductor […] In this article, we discuss the 10 semiconductor stocks to buy on the dip. If you want to read about some more semiconductor stocks to buy on the dip, go directly to 5 Semiconductor Stocks to Buy on the Dip. Investors are starting to get concerned about chip stocks like NVIDIA Corporation (NASDAQ:NVDA), Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), and Intel Corporation (NASDAQ:INTC) in the past few days even as the United States government outlines a plan to spend hundreds of billions on the semiconductor industry through the CHIPS Act. This is because NVIDIA Corporation (NASDAQ:NVDA) recently posted earnings for the second quarter of 2022 in which it missed market estimates on revenue by $400 million. The company blamed gaming demand for the revenue miss, which came in just a little over $2 billion, down 4% sequentially and 33% year-over-year. Data center revenue, meanwhile, continued to register growth, climbing 61% year-over-year to $3.81 billion. The firm said it has slowed operating expenses during the quarter but would continue with a share buyback program. The weak earnings led to a more than 8% drop in the share price of the firm that has already seen shares plunge by more than 30% so far this year.  The earnings of NVIDIA Corporation (NASDAQ:NVDA) have added to investor concerns about the chip industry but analysts remain bullish about the long-term growth catalysts for the sector. A report by management consulting firm McKinsey has forecast that the chips industry could be worth $1 trillion by the end of this decade. Journalist investor Jim Cramer has also advised investors to buy beaten down chip stocks that are almost certain to provide “growth at a reasonable price” in the present macro environment.  Our Methodology The chip companies that have registered a more than 10% percentage decline in their share price over the past six months as of August 8 but have the potential to grow in the coming years based on the products or services they offer were selected for the list. In order to provide readers with some context for their investment choices, the business fundamentals and analyst ratings for the stocks are also discussed. Data from around 900 elite hedge funds tracked by Insider Monkey in the first quarter of 2022 was used to identify the number of hedge funds that hold stakes in each firm. Photo by Redd on Unsplash Semiconductor Stocks to Buy on the Dip 10. Broadcom Inc. (NASDAQ:AVGO) Number of Hedge Fund Holders: 71    Percentage Decline in Share Price Over Past Six Months: 10.76%  Broadcom Inc. (NASDAQ:AVGO) supplies semiconductor infrastructure software solutions. Reports indicate that tech giant Meta Platforms will become the latest addition to the $1 billion-plus ASIC cloud customer base for Broadcom. The chip firm is the largest player in the application-specific integrated circuit cloud business, a step up from the traditional IC chips used by other cloud setups. Broadcom is already partnering with Google to bring a new artificial intelligence chip to the marketplace.  On July 20, Deutsche Bank analyst Ross Seymore maintained a Buy rating on Broadcom Inc. (NASDAQ:AVGO) stock and lowered the price target to $635 from $700, backing the firm to display strength on fundamentals in the ongoing purgatory stage of the chip cycle.  Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Cantillon Capital Management is a leading shareholder in Broadcom Inc. (NASDAQ:AVGO), with 1 million shares worth more than $652 million. Just like NVIDIA Corporation (NASDAQ:NVDA), Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), and Intel Corporation (NASDAQ:INTC), Broadcom Inc. (NASDAQ:AVGO) is one of the stocks feeling the heat of inflation.  In its Q4 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Broadcom Inc. (NASDAQ:AVGO) was one of them. Here is what the fund said: “However, ClearBridge portfolio companies are responding by supporting their workforces and showing resilience in adapting and thriving. Semiconductor companies ClearBridge owns and engages with have been successful in advancing vaccinations in their global supply chains. In Malaysia, for example, Broadcom Inc. (NASDAQ:AVGO) has taken part in PIKAS, a public-private partnership vaccination program focusing on the workforce in critical manufacturing sectors. By the summer of 2021 Broadcom Inc. (NASDAQ:AVGO) was able to get over 90% of workers in its Penang factory at least one dose of vaccine, and roughly 73% fully vaccinated. Companies in the program also pay the administration cost for vaccinations including cases where the employee is no longer employed by the company before full immunization of the employee.” 9. NXP Semiconductors N.V. (NASDAQ:NXPI) Number of Hedge Fund Holders: 43     Percentage Decline in Share Price Over Past Six Months: 14.21%     NXP Semiconductors N.V. (NASDAQ:NXPI) makes and sells various products related to semiconductors. In late July, the company announced that it was partnering with Taiwan-based electronics firm Foxconn to bring a new generation of connected smart devices to the market. The latter is expected to source automotive technologies and the architectural innovation and platforms for electrification that the former offers for connectivity and safe automated driving as part of the deal.  On July 27, Cowen analyst Matthew Ramsay maintained an Outperform rating on NXP Semiconductors N.V. (NASDAQ:NXPI) stock and raised the price target to $200 from $190, noting that the firm was proactively de-risking its backlog.  Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in NXP Semiconductors N.V. (NASDAQ:NXPI), with 923,855 shares worth more than $170 million.  In its Q1 2022 investor letter, Sound Shore Management, an asset management firm, highlighted a few stocks and NXP Semiconductors N.V. (NASDAQ:NXPI) was one of them. Here is what the fund said: “Similarly, analog chip supplier NXP Semiconductors N.V. (NASDAQ:NXPI) declined even though the company reported above consensus revenue growth. A leading chip maker for infrastructure and automotive applications, we view NXP Semiconductors N.V. (NASDAQ:NXPI) as a “new industrial,” uniquely positioned to benefit from increased chip content per application/vehicle. This includes electric and autonomous vehicles and more broadly, connectivity and the internet of things. We added the stock to the portfolio during the volatile fourth quarter of 2018 at just 10 times earnings. Today, NXP is still valued at a very reasonable 14 times earnings.” 8. ASML Holding N.V. (NASDAQ:ASML) Number of Hedge Fund Holders: 46     Percentage Decline in Share Price Over Past Six Months: 15.82%   ASML Holding N.V. (NASDAQ:ASML) makes and sells advanced semiconductor equipment systems. The company is one of the largest suppliers of semiconductor equipment and tools to the chip industry in China, a source of revenue that has come under scrutiny in the past few weeks as the US government pushes the firm towards other markets. One of the cutting edge tech it offers to Chinese firms is extreme ultraviolet lithography systems. The firm recently beat market estimates on revenue for the second quarter of 2022.  On July 21, investment advisory Credit Suisse maintained an Outperform rating on ASML Holding N.V. (NASDAQ:ASML) stock and lowered the price target to EUR 920 from EUR 960. Analyst Adithya Metuku issued the ratings update.  Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in ASML Holding N.V. (NASDAQ: ASML), with 4.4 million shares worth more than $2.9 billion.  In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and ASML Holding N.V. (NASDAQ:ASML) was one of them. Here is what the fund said: “During the quarter, we reduced our semiconductor exposure through the trim of ASML Holding N.V. (NASDAQ:ASML) to manage concerns of a slowdown due to the risk of double ordering and potential softness in some consumer end markets. We increased our position in IT services with the purchase of Accenture as we remain optimistic about the long-term growth potential these companies provide, which is underpinned by the compressed digital transformation cycle, rising cloud adoption and growth in data-driven insights. Despite the market volatility and hyper focus on rising rates, chief information officer surveys continue to forecast resilience in IT budgets this year. Growth in IT spending for 2022 is expected to remain above the 10-year pre-COVID-19 average, according to Morgan Stanley. We believe this is a result of the strong secular underpinnings brought on by digital transformation and businesses focusing on increasing efficiencies through technology.” 7. QUALCOMM Incorporated (NASDAQ:QCOM) Number of Hedge Fund Holders: 73      Percentage Decline in Share Price Over Past Six Months: 19.65%     QUALCOMM Incorporated (NASDAQ:QCOM) develops and sells foundational technologies for the wireless industry. On August 8, the company announced that it was extending a deal with chip firm GlobalFoundries, under which the manufacturing agreement between the two parties will be more than doubled. As part of the deal, the latter will expand a facility in New York to meet production demand. The deal focuses on chips for 5G wireless transceivers, Wi-Fi, automotive, and Internet of Things connectivity technologies. On July 28, Wells Fargo analyst Gary Mobley maintained an Equal Weight rating on QUALCOMM Incorporated (NASDAQ:QCOM) stock and raised the price target to $150 from $135, appreciating the second quarter earnings beat of the firm.  Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in QUALCOMM Incorporated (NASDAQ:QCOM), with 3.5 million shares worth more than $538 million.  6. Advanced Micro Devices, Inc. (NASDAQ:AMD) Number of Hedge Fund Holders: 83    Percentage Decline in Share Price Over Past Six Months: 24.67%  Advanced Micro Devices, Inc. (NASDAQ:AMD) operates as a semiconductor manufacturer. In early June, the company announced that it was partnering with NIO, one of the largest EV makers in China, to supply chips for EVs. As part of the deal, the latter will use the EPYC processors of the former to help improve the performance of the HPC platform in NIO cars. AMD claims the new processors come with enhanced Zen 3 cores with up to 32 MB L3 cache per core, a new cache architecture, and high clock frequency.  On August 3, Northland analyst Gus Richard maintained an Outperform rating on Advanced Micro Devices, Inc. (NASDAQ:AMD) stock and raised the price target to $105 from $95, noting that server market share momentum for the firm will accelerate entering into 2023.  Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Advanced Micro Devices, Inc. (NASDAQ:AMD), with 24 million shares worth more than $2.6 billion. Just like NVIDIA Corporation (NASDAQ:NVDA), Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), and Intel Corporation (NASDAQ:INTC), Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the stocks that elite investors are monitoring.  Here is what Carillon Tower Advisers had to say about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its fourth-quarter 2021 investor letter: “Advanced Micro Devices, Inc. (NASDAQ:AMD) supplies semiconductor chips for central processing units (CPUs) and graphic processing units (GPUs). The firm has been gaining share against its primary competitor in the datacenter server CPU space, as this rival has been unable to match the design and manufacturing capabilities of AMD and its partners. Investors are also looking forward to the closing of the previously announced merger with a semiconductor manufacturer that is another one of the portfolio’s holdings. The merger will increase AMD’s capabilities in the Field Programmable Gate Array (FPGA) chip space, and the combined company should possess the potential to win additional market share in the datacenter chip market.”        Click to continue reading and see 5 Semiconductor Stocks to Buy on the Dip.   Suggested Articles: 10 Financial Services Dividend Stocks with Over 4% Yield 15 Best Momentum Stocks To Invest In 10 Cheap Hemp Stocks Redditors are Buying   Disclosure. None. 10 Semiconductor Stocks to Buy on the Dip is originally published on Insider Monkey......»»

Category: topSource: insidermonkeyAug 9th, 2022

The 10 best new books to read in August, according to Amazon editors

The best books released this month include a laugh-out-loud debut and a "pure candy" mystery novel, according to Amazon's editors. When you buy through our links, Insider may earn an affiliate commission. Learn more.The best books released this month include a laugh-out-loud debut and a "pure candy" mystery novel, according to Amazon's editors.Amazon; Rachel Mendelson/Insider Amazon's book editors round up the best new releases every month. August's picks range from a "knock-out" memoir to a laugh-out-loud funny debut. For other book recommendations, check out their best books of 2022 so far here.  If you're looking for a book to tear through in the last sweltering month of summer, Amazon's editors just issued their August shortlist.The best new books of the month include a laugh-out-loud debut, a spy novel that's "pure candy," a new book from Beth Macy of "Dopesick" fame, and a gutting new memoir that's both "a chronicle of the American Dream and an indictment of it."For more book recommendations, check out the best beach reads of the year. You'll find the best new books this August, according to Amazon's book editors, below.The 10 best new books of August 2022, according to Amazon's book editors:Descriptions are provided by Amazon and lightly edited for clarity and length."Acceptance: A Memoir" by Emi NietfieldAmazonAvailable at Amazon, $24.30This memoir is a knock-out — and will not only keep you turning the pages as you root for Emi Nietfeld who didn't have it easy as a kid, but will change the way you think about the voices we listen to and the voices we don't, and the paradox of what help is acceptable to ask for. In some ways, it feels so unsatisfyingly trite to explain that "Acceptance" is about a young brilliant girl who, because of her hoarding, mentally unstable, and manipulative mother, is thrown into psych wards and foster care for her teenage years. Left to deal with eating disorders, cutting, addiction, and homelessness, it's too easy to say that no adult trusts Emi to rise from her trauma, let alone to go to an Ivy League school. But it's true, and her account of her lone fight — for education, for her dreams — is gutting and alive. This is one of the best memoirs I've read this year. — Al Woodworth, Amazon Editor "Raising Lazarus: Hope, Justice, and the Future of America's Overdose Crisis" by Beth MacyAmazonAvailable at Amazon, $26.99In "Raising Lazarus," an excellent follow-up to her Hulu-adapted "Dopesick," Beth Macy compels us not to look away from those who are suffering in the opioid epidemic. Her philosophy is reflected in the book's title, a biblical story about challenging yourself to get uncomfortably close to death in order to witness the miracle of life. But our society rejects this idea, assigning shame and stigma to addiction — and soon the equivalent population of Houston will be dead from opioids. Macy weaves incredible tales of heroic volunteers meeting troubled drug users where they are. She offers a new language to challenge the contempt around drug use — "bupe," "opioid use disorder"— which she argues is a human condition that cannot be eradicated. There's no magic wand, and no political party is off the hook. Macy shines by bringing statistics to life with illuminating personal stories, and you'll leave this book feeling sobered and perhaps inspired by this moment, a "historical opportunity to radically rethink addiction care." — Lindsay Powers, Amazon Editor "Dirt Creek" by Hayley ScrivenorAmazonAvailable at Amazon, $25.19The premise of "Dirt Creek" is tried and true: it's the story of the disappearance of a 12-year-old child and the aftermath. But Scrivenor does a remarkable job of pulling this simple premise apart and rebuilding it in a heart-wrenching, realistic, and breathlessly suspenseful way, with particularly effective use of setting and multiple narrators. In a rural town as small as Durton, everyone knows everyone else and it's almost impossible to keep a secret, therefore it's unfathomable that a local could be responsible for Esther's abduction and death. As rumor and gossip take hold, the town doesn't quite come together so much as give way to an ugly new reality. Narration duties are divided between several people, including Esther's best friend Ronnie (sad), a detective on the case (skeptical), and even a Greek chorus of the town's children (heartbreaking). All of it adds up to a cracker of a tale: tough to look at up close, impossible to look away. — Vannessa Cronin, Amazon Editor  "My Government Means to Kill Me" by Rasheed NewsonAmazonAvailable at Amazon, $27.99Laugh-out-loud moments give way to galvanizing moments in this un-put-down-able debut by Rasheed Newson. Set in the 1980s, "My Government Means to Kill Me" follows the trajectory of a young Black man who ditches his wealthy Midwest family to go be free and uninhibited in New York. When not spending time in men's bathhouses, he gets an education in the Civil Rights movement, community organizing, and the fight for gay rights, among other things. Newson, the writer and producer behind "Narcos," "The Chi," and "Bel-Air," lends his cinematic eye to his novel, which makes the grit, the sex, the activism, and the political struggle all the more atmospheric and immersive. In short, I've never been prouder of an 18-year-old narrator who leads us through the New York City streets, and compels not just his friends and network to action, but the reader too. — Al Woodworth, Amazon Editor "How to Kill Your Family" by Bella MackieAmazonAvailable at Amazon, $27As titles go, you'd be hard pressed to find one as provocative, or apt, as "How to Kill Your Family." Grace is sitting in a prison cell, recounting why she killed her family (her dad, a rich heir, refused the wishes of her poor dying mum to get involved in Grace's life) and listing the much more entertaining hows (locations including, but not limited to, a steam room in Monaco, a mountain road in Marbella, and a sex club in London's East End). But the standout moments in this darkly hilarious novel are those spent inside Grace's head as she moves with deadly and detached efficiency through her to-do (or, more accurately, to-kill) list of awful family members. Her running commentary (on everything from prep work for killing someone, the class divide, unsolicited penis pics, wearing cords, and influencers) is sharp as a tack and spit-out-your-coffee comical. This twisted, darkly funny thriller will fill the "Dexter"-shaped hole in your heart. — Vannessa Cronin, Amazon Editor"Life on the Mississippi: An Epic American Adventure" by Rinker BuckAmazonAvailable at Amazon, $26.99Seven years ago, Rinker Buck published "The Oregon Trail," in which he traced the celebrated journey that brought so many Americans west. Now he's following a different path: the trip down the mighty Ohio and Mississippi Rivers on flatboats (think: Mark Twain). While this journey occupied the generation or two that came before the height of the Oregon Trail, it's been lost a bit to the whims of history. Still, flatboats traveling from Pittsburgh to New Orleans did as much, maybe more, to define our cultural and economic heritage as the journey west did. And, of course, Rinker Buck builds his own flatboat and takes the trip himself. History tends to take on a glossy sheen when it's in the rearview mirror, but Buck's adventure illustrates how much messier it is in the making. Part travelogue, part history, part human nature study, this is a book that you just want to keep reading. — Chris Schluep, Amazon Editor"Mika in Real Life" by Emiko JeanAmazonAvailable at Amazon, $19.59Emiko Jean is the bestselling author of witty young adult rom-coms "Tokyo Ever After" and "Tokyo Dreaming," and while her first adult novel, "Mika in Real Life," has rom-com vibes, this is a book with real heft. When Mika was a freshman in college, she got pregnant and gave her daughter up for adoption. 16 years later, Mika's daughter finds her, and what follows is a story of motherhood, forgiveness, and fresh starts. Mika's catharsis became my own, as she realizes that her expectation of how a "good" mother should be is the stuff of fairytales. The relationship between mother and child is complicated pretty much from birth, and whether you are a mother, the child, or both, it's two sides of the same coin where perfection is a fantasy. Jean gives us authentic characters, a lot of laughs, and a chance to see our own relationships — with our mothers, our children, and ourselves — in a new and refreshing light. — Seira Wilson, Amazon Editor"The Last White Man" by Mohsin HamidBookshopAvailable at Amazon, $18.20Expansive and eye-opening, Mohsin Hamid's novels confront issues of race, class, and migration with a dash of magic and genuine inquisition. In "Exit West," lovers fled the violence that surrounded them by stepping through doors that quite literally opened to safety somewhere else. In his latest, "The Last White Man," Hamid dissects the state of race by exploring a world in which people wake up with different colored skin, and thus, are treated differently by their neighbors, the media, their partners, and their family. Throughout this slim love story, the question of identity lurks everywhere, as white people become brown and the world changes around them. With cool steadiness, Hamid's tale is a reminder that we, as individuals and as a society, have invented racism. This is a book you can read in one sitting, but I promise you, it will stick with you longer after that. — Al Woodworth, Amazon Editor"Thank You for Listening" by Julia WhelanAmazonAvailable at Amazon, $14.39Julie Whelan, the much-loved, real-life audiobook narrator, is back with her second book, "Thank You for Listening." I'm not sure I trust anyone else to tell this funny and heartwarming story centered around Sewanee, an award-winning audiobook narrator who loves her job, as long as it doesn't include one specific genre, romance. But soon Sewanee receives a request from a popular author in that genre, who she has collaborated with in the past, to do one last project. And the thing is, this was the author's dying wish and it pays handsomely, making it hard to say no. The project is also a collaboration with audiobook royalty — the sexy, yet mysterious male narrator beloved by romance fans, yet new and unknown to Sewanee. Complex relationships with her beloved grandmother, stubborn dad, and wistful best friend, compounded with Sewanee's unresolved feelings about the accident that took her away from her original career — acting — adds texture to the story. And Sewanee's wit and banter as she deals with the complexity of life makes this a delightful read. — Kami Tei, Amazon Editorial Contributor"Alias Emma" by Ava GlassAmazonAvailable at Amazon, $24.30Alias Emma is pure candy for those of us who love a good spy story — this is a novel you'll struggle to put down. Expertly paced, readers ride a wave of action at breakneck speed in this modern twist on an old-school Cold War thriller. Emma Makepeace is a lower-level Secret Service agent when she's tapped to convince a Russian target, a handsome doctor named Michael Primalov, to enter what amounts to a witness protection program. The Russians want him desperately and will go to great lengths to get him, but Emma is on this rescue mission alone. Undercover operatives, shootouts, high-speed car chases, and some romantic tension follow, as Emma navigates the city of London with Primalov in tow. Makepeace is a welcome new face in the fictional world of British secret agents and what she lacks in luxury sports cars and high-tech gadgets, she makes up for with grit and courage. The first of a planned new series, I can't wait to see where Emma's next assignment takes her. — Seira Wilson, Amazon EditorRead the original article on Business Insider.....»»

Category: personnelSource: nytAug 8th, 2022

Cardiovascular Systems (CSII) Q4 Earnings, Revenues Miss Mark

According to Cardiovascular Systems (CSII), strong sequential growth in each of its segments is due to procedure recovery, focused commercial strategies and the launch of products. Cardiovascular Systems, Inc. CSII reported a loss of 25 cents per share for fourth-quarter fiscal 2022 compared with a loss of 14 cents in the prior-year period. The reported loss was wider than the Zacks Consensus Estimate of a loss of 22 cents.Our projection of Q4 loss per share was 24 cents.For the full year, the company reported a loss of 94 cents per share, which compared unfavorably with a loss of 35 cents per share in the year-ago period.For the full fiscal, we project a loss per share of 94 cents.Net SalesCardiovascular Systems’ revenues of $62.5 million dropped 11.9% year over year. The top line also missed the Zacks Consensus Estimate by 0.6%. According to the company, despite the headwinds caused by labor and contrast shortages, it reported sequential acceleration in sales.Our fiscal fourth-quarter revenue estimate for CSII was $63.5 million.Fiscal 2022 revenues were $236.2 million, down 8.8% from fiscal 2022.For fiscal 2022, we projected revenues of $237.2 million.Segment DetailsIn the quarter under review, worldwide coronary revenues decreased 13.4% year over year to $21.8 million.We expected worldwide coronary revenues to be $19.9 million in fiscal Q4.On a sequential basis, in the United States, coronary revenues increased 16%, led by 11% growth in units sold. Coronary support products increased 37%. Outside the United States, coronary revenues increased 14% sequentially, as a result of continued strength in Japan, combined with the successful launch of Coronary OAS in Europe.Cardiovascular Systems, Inc. Price, Consensus and EPS Surprise Cardiovascular Systems, Inc. price-consensus-eps-surprise-chart | Cardiovascular Systems, Inc. QuoteWorldwide peripheral revenues plunged 14.7% year over year in the quarter to $40.7 million.Worldwide peripheral revenues in Q4 per our model were estimated to be $43.6 million.On a sequential basis, fourth quarter worldwide peripheral revenues increased 9%. In the United States, peripheral franchise revenues increased 9%, led by a 27% increase in OBL revenue and a 1% increase in hospital revenues. U.S. peripheral revenues also benefited from a 36% increase in ISD revenues.MarginsThe gross margin in the reported quarter was 73.9%, up 304 basis points (bps) year over year on a 21.2% rise in the cost of goods sold.We projected a gross margin of 73.4% for Q4.Selling, general and administrative expenses rose 1.9% to $46.6 million. Research and development expenses reduced 5.1% to $8.8 million.Adjusted operating expenses rose 0.7% to $55.4 million. Adjusted operating loss in the reported quarter was $9.1 million compared with an adjusted operating loss of $4.6 million in the year-ago period.Financial PositionThe company exited fiscal 2022 with cash and cash equivalents of $66.4 million compared with $71.1 million at the end of fiscal 2021.2022 GuidanceCardiovascular Systems’ management forecasts a revenue growth trend in fiscal 2023 with a gradual improvement in the state of the U.S. healthcare system combined with strong sales execution, accelerating revenues from the sale of interventional support devices, successful product introductions and international expansion.Full-year revenues are expected in the band of $255 million to $265 million. The Zacks Consensus Estimate for the same is currently pegged at $257.9 million.The company expects net loss in the range of 9% to 11% of revenues. The Zacks Consensus Estimate for the metric is pegged at a loss of 68 cents per share.Our TakeCardiovascular Systems’ fourth-quarter fiscal 2022 loss per share was wider than the year-ago figure and the consensus mark. Revenues too dropped year over year, missing the Zacks Consensus Estimate. The company’s domestic business was impacted by lower procedure volumes due to hospital capacity issues and staffing shortages. However, according to the company, strong sequential growth in each of its business segments was due to procedure recovery, focused commercial strategies and the launch of new products.Gross margin in the quarter expanded favorably, impacted by a reduction in the estimated amount of older generation pumps that need to be replaced under the program established a year ago.For fiscal 2023, Cardiovascular Systems anticipates full resolution of the imaging contrast shortage in September and a gradual improvement in U.S. hospital procedure volumes during the course of the year.Zacks Rank and Key PicksCardiovascular Systems currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader medical space that have announced quarterly results are Quest Diagnostics Incorporated DGX, Becton, Dickinson and Company BDX, popularly known as BD, and Alkermes plc ALKS.Quest Diagnostics, carrying a Zacks Rank #2 (Buy), reported second-quarter 2022 adjusted EPS of $2.36, which beat the Zacks Consensus Estimate by 9.8%. Revenues of $2.45 billion outpaced the consensus mark by 7.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Quest Diagnostics has an earnings yield of 6.9% compared with the industry’s 3.8%. DGX’s earnings surpassed estimates in three of the trailing four quarters and missed the same in one, the average being 12.1%.BD, having a Zacks Rank #2, reported third-quarter fiscal 2022 adjusted EPS of $2.66, which beat the Zacks Consensus Estimate by 6.8%. Revenues of $4.64 billion outpaced the consensus mark by 4%.BD has an estimated long-term growth rate of 6.6%. BDX’s earnings surpassed estimates in all the trailing four quarters, the average being 11.9%.Alkermes reported second-quarter 2022 adjusted EPS of 6 cents, which surpassed the Zacks Consensus Estimate by 50%. Second-quarter revenues of $276.2 million outpaced the Zacks Consensus Estimate by 1.1%. It currently has a Zacks Rank #2.Alkermes has an estimated long-term growth rate of 24.9%. ALKS’s earnings surpassed estimates in all the trailing four quarters, the average being 325.5%. How to Profit from the Hot Electric Vehicle Industry Global electric car sales in 2021 more than doubled their 2020 numbers. And today, the electric vehicle (EV) technology and very nature of the business is changing quickly. The next push for future technologies is happening now and investors who get in early could see exceptional profits. See Zacks' Top Stocks to Profit from the EV Revolution >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alkermes plc (ALKS): Free Stock Analysis Report Becton, Dickinson and Company (BDX): Free Stock Analysis Report Quest Diagnostics Incorporated (DGX): Free Stock Analysis Report Cardiovascular Systems, Inc. (CSII): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksAug 8th, 2022

MarketWise Reports Financial Results for Second Quarter 2022

~ Total Subscribers of 15.9 Million, Including 898 Thousand Paid Subscribers ~ ~ Revenues of $128.0 Million ~ ~ Billings of $117.5 Million ~ ~ Net Income of $34.0 Million ~ ~ Adjusted CFFO of $26.8 Million ~ BALTIMORE, Aug. 08, 2022 (GLOBE NEWSWIRE) -- MarketWise, Inc. (NASDAQ:MKTW) ("MarketWise" or the "Company"), a leading multi-brand digital subscription services platform that provides premium financial research, software, education, and tools for self-directed investors, today reported financial results for second quarter 2022. Second Quarter 2022 Key Performance Highlights                 YTD   YTD   YTD (Unaudited)   2Q 2022   2Q 2021   % Change   2Q 2022   2Q 2021   % Change Total Subscribers (in thousands)             15,871     12,965     22.4%             Paid Subscribers (in thousands)             898     994     (9.7)%             Total net revenue (in millions)           $ 128.0   $ 142.1     (9.9)%   $ 264.8   $ 261.8     1.1% Billings (in millions)           $ 117.5   $ 185.1     (36.5)%   $ 253.5   $ 440.4     (42.4)% ARPU           $ 580   $ 823     (29.5)%             Net income (loss) (in millions)           $ 34.0   $ (8.4 )   NM   $ 59.6   $ (623.5 )   NM CFFO (in millions)           $ 26.8   $ 58.9     (54.5)%   $ 27.9   $ 151.2     (81.5)% Adjusted CFFO (in millions)           $ 26.8   $ 59.4     (54.9)%   $ 27.9   $ 157.3     (82.3)% Second Quarter 2022 Highlights(1) Total net revenue was $128.0 million in second quarter 2022 compared to $142.1 million in second quarter 2021 Total Billings in second quarter 2022 was $117.5 million compared to $185.1 million in second quarter 2021; We believe the decrease is due in large part to reduced engagement of subscribers and potential subscribers, as external economic and geopolitical factors continued to impact investor uncertainty and delayed purchases in the quarter Net income was $34.0 million in second quarter 2022 compared to a net loss of $8.4 million in second quarter 2021; the net loss in second quarter 2021 was primarily driven by $47.4 million in stock-based compensation expense which related to Class B units under MarketWise, LLC's prior operating agreement which was terminated as a result of our go-public Transaction on July 21, 2021. For further information on stock-based compensation, see footnotes 1 and 2 to Table 1. Income Statement below Cash flow from operations ("CFFO") was $26.8 million in second quarter 2022 compared to $58.9 million cash inflow in second quarter 2021 CFFO margin was 20.9% in second quarter 2022 compared to 41.5% in second quarter 2021 Adjusted CFFO, a non-GAAP measure, was $26.8 million in second quarter 2022 compared to $59.4 million in second quarter 2021 Adjusted CFFO margin, a non-GAAP measure was 22.8% in second quarter 2022 compared to 32.1% in second quarter 2021 Deferred revenue was $701.1 million as of June 30, 2022 compared to $665.1 million as of June 30, 2021 Paid Subscribers were 898 thousand as of June 30, 2022 compared to 1.0 million as of June 30, 2021 Free Subscribers were 15.0 million as of June 30, 2022 compared to 12.0 million as of June 30, 2021 __________________(1) See "Key Business Metrics and Non-GAAP Financial Measures" below. For a reconciliation of Adjusted CFFO and Adjusted CFFO margin, see "Cash Flow" below. Mark Arnold, Chief Executive Officer of MarketWise, commented, "The macroeconomic environment has been challenging for many companies, including companies like ours involved with the financial markets. As the markets declined sharply, many individual investors moved to the sidelines, and this continues to impact our business. Given this environment, we are focused on increasing profitability by driving revenue, managing our marketing spend, and reducing overhead where it's appropriate." Mr. Arnold continued, "While our business has been impacted by the current operating environment, our focus on profitability and improvements in operating efficiency will help position us well once the current state of volatility passes and individual investors re-engage. We continue to produce positive cashflow and enjoy a strong and loyal following with subscribers, especially our long-term subscribers. We also continue to add analysts and content to provide best-in-class actionable financial research for our subscribers, all while maintaining a very strong balance sheet with over $150 million in cash and no debt. With the changes that we have made to our cost structure and the initiatives and opportunities I see in front of us, we are in a good position going forward." Cost Reduction Initiative The Company initiated a cost reduction program in July 2022, targeting lowered total expenditures, both through a reduction in overhead, and through a reduction in direct marketing expense. In total, between our initial round of overhead cost cuts, and the second phase of overhead cost cuts, which is being identified now, we anticipate reducing overhead by an annualized amount of approximately $37 million, or 15% of 2022 budgeted overhead. Of this total amount, approximately 75% is from items that were in the March year-to-date run-rate of overhead. As a result of phase one of these overhead cuts, we would expect to see a reduction to the monthly run-rate of overhead costs of approximately $1.7 million beginning in July. As we complete phase two of the overhead cost cuts, we would expect to see the total reduction to the monthly run-rate of overhead costs approximate $2.5 million as we move into the fourth quarter. In addition to the reduction in overhead costs, given the current high CAC environment, we expect to spend $37 million less in direct marketing in the second half of 2022 as compared to the first half, which should result in a $6.2 million reduction to the monthly run-rate of direct marketing beginning in July. This represents an approximate 20% reduction to the annualized direct marketing spend originally expected. Second Quarter 2022 Financial & Operational Results Total net revenue decreased by $14.1 million, or 9.9%, to $128.0 million in second quarter 2022 compared to $142.1 million in second quarter 2021. The decrease in net revenue was primarily driven by a $13.6 million decrease in term subscription revenue. Term subscription revenue decreased during second quarter 2022 primarily due to lower Billings as compared to the 2021 period — our second highest Billings quarter ever — which was driven by reduced engagement of subscribers and potential subscribers in the 2022 period, as well as lower overall conversion rates. Billings decreased by $67.6 million, or 36.5%, to $117.5 million in second quarter 2022 compared to $185.1 million in second quarter 2021. While second quarter 2022 Billings decreased from prior year, given that second quarter 2021 was our second highest quarter ever, we did not expect to show year-over-year growth. We believe the decrease is due in large part to post-COVID reduced engagement of subscribers and potential subscribers. This began in the second half of 2021 as consumers prioritized travel and leisure in lieu of spending time focusing on their investments. First quarter 2022 brought additional challenges with uncertainty stemming from external factors such as 40-year high inflation, volatility across asset classes, federal reserve tightening, and the war in Ukraine. These same factors have persisted into second quarter 2022, which we believe further contributed to subscribers and potential subscribers delaying their purchases. Billings decreased by $18.5 million, or 14%, to $117.5 million for second quarter 2022 as compared to $136.0 million for first quarter 2022. While consumer engagement remained consistent in second quarter 2022 compared to first quarter 2022, and our overall conversion rate, high value and ultra-high value conversion rates all remained stable, the average Billings per sale declined in second quarter, which drove the decline in Billings from first quarter 2022. Net income was $34.0 million in second quarter 2022 compared to a net loss of $8.4 million in second quarter 2021. We recognized stock-based compensation expenses related to the new 2021 Incentive Award Plan and the ESPP of $2.4 million in second quarter 2022, and stock-based compensation expenses related to the Class B Units of $47.4 million in second quarter 2021. Cash flow from operations decreased by $32.1 million, or 54.5%, from $58.9 million in second quarter 2021 to $26.8 million in second quarter 2022. Cash flow from operations for second quarter 2022 was primarily driven by net income of $34.0 million adjusted for net non-cash factors which reduced cash by $8.2 million, and net changes in our operating assets and liabilities which reduced cash by $1.0 million, largely due to timing differences in the net receipt of cash. Adjusted CFFO decreased by $32.6 million, or 54.9%, from $59.4 million in second quarter 2021 to $26.8 million in second quarter 2022, primarily driven by a decrease of $67.6 million in Billings. Adjusted CFFO this quarter was impacted by net changes in working capital, excluding changes in deferred revenue and changes in deferred contract acquisition costs, which increased cash by $13.5 million, largely due to a significant decrease in accounts receivable this quarter. The difference between Adjusted CFFO and CFFO in second quarter 2021 is stock-based compensation associated with $0.5 million of profits distributions to the original Class B unitholders. Total Paid Subscribers decreased by 97 thousand, or 9.7%, to 898 thousand as of June 30, 2022 compared to 1.0 million at June 30, 2021, driven by a combination of decreased overall consumer engagement as the economy reopened in mid-2021, an outsized new subscriber cohort from first quarter 2021 yielding additional churned subscribers in first quarter 2022, combined with an overall challenging economic environment that has persisted through second quarter 2022. Total Paid Subscribers decreased by 11 thousand, or 1.2%, to 898 thousand as of June 30, 2022 as compared to 909 thousand as of March 31, 2022. We believe the volatile stock market, high-inflation environment, and fears of recession have left subscribers and potential subscribers hesitant to engage or re-engage as they assess the latest economic data and the Federal Reserve's potential next steps. These trends, which began in first quarter 2022, have continued to slow our new subscriber acquisition through second quarter 2022. Free Subscribers increased by 3.0 million, or 25.1%, to 15.0 million at June 30, 2022 compared to 12.0 million at June 30, 2021, as our significant lead-generation efforts that began in earnest during late 2018 and intensified during 2019 and 2020 with the expansion across multiple brands, continued during 2021 and through second quarter 2022. Free Subscribers increased by 0.5 million, or 3.1%, to 15.0 million as of June 30, 2022 as compared to 14.5 million as of March 31, 2022. This growth was driven by our continued lead generation efforts. Non-GAAP Measures The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable financial measure calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), to Adjusted CFFO and Adjusted CFFO Margin for each of the periods presented: (In thousands)   Three months ended June 30,       Six Months Ended June 30,           2022       2021     % Change     2022       2021     % Change Net cash provided by operating activities           $ 26,794     $ 58,914     (54.5)%   $ 27,862     $ 151,218     (81.6)% Plus: Profits distributions to Class B Unitholders included in stock-based compensation expense             —       456     (100.0)%     —       6,107     (100.0)% Adjusted CFFO           $ 26,794     $ 59,370     (54.9)%   $ 27,862     $ 157,325     (82.3)%                           Net cash provided by operating activities           $ 26,794     $ 58,914     (54.5)%   $ 27,862     $ 151,218     (81.6)% Total net revenue             128,014       142,130     (9.9)%     264,812       261,844     1.1% Net cash provided by operating activities margin             20.9 %     41.5 %         10.5 %     57.8 %                               Adjusted CFFO           $ 26,794     $ 59,370     (54.9)%   $ 27,862     $ 157,325     (82.3)% Billings           $ 117,507     $ 185,100     (36.5)%   $ 253,502     $ 440,403     (42.4)% Adjusted CFFO margin             22.8 %     32.1 %         11.0 %     35.7 %     About MarketWise Founded with a mission to level the playing field for self-directed investors, today MarketWise is a leading multi-brand subscription services platform providing premium financial research, software, education, and tools for investors. With more than 20 years of operating history, MarketWise is currently comprised of 11 primary customer facing brands, offering more than 180 products, and serving a community of 16 million Free and Paid Subscribers. MarketWise's products are a trusted source for high-value financial research, education, actionable investment ideas, and investment software. MarketWise is a 100% digital, direct-to-customer company offering its research across a variety of platforms including mobile, desktops, and tablets. MarketWise has a proven, agile, and scalable platform and our vision is to become the leading financial solutions platform for self-directed investors. MarketWise Inc.'s common stock trades on the NASDAQ Global Market under the symbol "MKTW." Warrants on the Company's common stock also trade on the NASDAQ Global Market under the symbol "MKTWW." As of June 30, 2022, the Company had 22,505,103 Class A common shares and 291,092,303 Class B common shares issued and outstanding. The Company's common stock market capitalization was approximately $940.8 million, based on the closing price of publicly traded Class A common shares of $3.00 on August 5, 2022. Conference Call Details As previously announced, the Company will hold a conference call to discuss its Second Quarter 2022 results on Monday, August 8, at 11:00 a.m. Eastern Time. The conference call can be accessed by dialing 1-877-407-4018 (domestic) or 1-201-689-8471 (international) and asking for the MarketWise Second Quarter 2022 Earnings Conference Call. A telephonic replay will be available starting at 2:00 p.m. Eastern Time on the same day and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671, and providing the passcode 13730109. The telephonic replay will be available until 11:59 p.m. Eastern Time on August 22, 2022. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company's website at investors.marketwise.com. The online replay will remain available for a limited time beginning immediately following the call. Key Business Metrics and Non-GAAP Financial Measures In this release we discuss certain key business metrics, which we believe provide useful information about the Company's business and the operational factors underlying the Company's financial performance. We are not aware of any uniform standards for calculating these key metrics, which may hinder comparability with other companies who may calculate similarly titled metrics in a different way. Billings is defined as amounts invoiced to customers. Free Subscribers are defined as unique subscribers who have subscribed to one of our many free investment publications via a valid email address and continue to remain directly opted in, excluding any Paid Subscribers who also have free subscriptions. Paid Subscribers are defined as the total number of unique subscribers with at least one paid subscription at the end of the period. Average revenue per user or ARPU is defined as the trailing four quarters of net Billings divided by the average number of quarterly total Paid Subscribers over that period. We also discuss certain measures that are not determined in accordance with GAAP, namely Adjusted CFFO, and Adjusted CFFO Margin. We use Adjusted CFFO and Adjusted CFFO Margin to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance, and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. This non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided above for Adjusted CFFO and Adjusted CFFO Margin to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measure and the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure. Adjusted CFFO is defined as net cash provided by operating activities plus profits distributions to Class B unitholders included in stock-based compensation expense, plus or minus any non-recurring items. Adjusted CFFO Margin is defined as Adjusted CFFO as a percentage of Billings. We believe that Adjusted CFFO and Adjusted CFFO Margin are useful indicators that provide information to management and investors about ongoing operating performance, to facilitate comparison of our results to those of peer companies over multiple periods, and for internal planning and forecasting purposes. We have presented Adjusted CFFO and Adjusted CFFO Margin because we believe they provide investors with greater comparability of our operating performance without the effects of stock-based compensation expense related to holders of Class B units that will not continue following the consummation of the Transactions, because all Class B units were converted into common units of MarketWise, LLC. Going forward, we will make certain tax distributions to our members in amounts sufficient to pay individual income taxes on their respective allocation of the profits of MarketWise, LLC at then-prevailing individual income tax rates. These distributions will not be recorded on our income statement and will be reflected on our cash flow statement as cash used in financing activities. The cash used to make these distributions will not be available to us for use in the business. Adjusted CFFO and Adjusted CFFO Margin have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as cash flow from operations. Some of the limitations of using Adjusted CFFO and Adjusted CFFO Margin are that these metrics may be calculated differently by other companies in our industry. We expect Adjusted CFFO and Adjusted CFFO Margin to fluctuate in future periods as we invest in our business to execute our growth strategy. These activities, along with any non-recurring items as described above, may result in fluctuations in Adjusted CFFO and Adjusted CFFO Margin in future periods. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the financial position, business strategy, and the plans and objectives of management for future operations of MarketWise. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: our ability to attract new subscribers and to persuade existing subscribers to renew their subscription agreements with us and to purchase additional products and services from us; ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaAug 8th, 2022

"My training is going to be limited": Med students and aspiring OBGYNs are trying to adapt to a post-Roe landscape

"I truly can't see myself going into a field that is governed so heavily," a third-year medical student told Insider. Medical students Eshani Dixit and Morgan Levy.Courtesy of Eshani Dixit and Morgan Levy Several states have imposed bans on abortion since the Supreme Court overturned Roe v. Wade.  The decision has worried many medical students who are interested in becoming OBGYNs. Students said bans on abortion could limit their training and exposure to life-saving care.  Before the Supreme Court overturned Roe v. Wade, Lyle Suh was heavily considering becoming an obstetrician-gynecologist.But now she's less sure. "This has pushed me away more for my own mental health," Suh, who is in her third year of medical school, told Insider. "I truly can't see myself going into a field that is governed so heavily. Like medicine already has so many things that are out of our hands – this kind of just adds another shackle to what we can do."Suh's experience echoes those of other medical students who are considering specializing in reproductive care but also recognize they will enter a field where they will have to navigate confusing bureaucratic catacombs and a political minefield. 'They're going to have to go through all of these hurdles'Natalie Sorias, a third-year medical student at the University of Massachusetts, told Insider that she's passionate about women's reproductive healthcare, and despite the challenges ahead, she'll most likely continue to try to work in the field. "I went into medical school trying to keep as much of an open mind as possible," Sorias told Insider, "but the population that I really care about is women."Sorias, who also researches female genital mutilation in Cairo, said she noticed that the "people who were kind of neglected, were women" and that "inevitably impacts children."As a first-generation Egyptian-American, Sorias said she was disappointed, heartbroken, and angry by the decision to overturn Roe v. Wade. "Being immigrants – people come to America bragging about its advancements and its incredible healthcare and all these things," she said. "I just kind of really hoped that being in this country would mean being a part of the worldwide example of reproductive justice. It's just kind of embarrassing that we're not and it's really disappointing for the people that it would affect."Pro-life demonstrators carry signs as they march January 23, 2006 in downtown Los Altos, California. Dozens of pro-life supporters from St. Nicholas Church marched to mark the 33rd anniversary of the supreme court decision to legalize abortion.Photo by Justin Sullivan/Getty ImagesShe is now concerned about matching into a residency program in a state that does not offer the full range of education on reproductive health, including abortions at various stages, as well as how competitive programs may become in states where abortion is legal. Following medical school, students continue training in a residency program, where they become resident physicians. Nearly 44% of obstetrics and gynecology residents – or 2,638 out of 6,007 – are training in programs located in states that are "certain or likely to lack access to in-state abortion training" because of statewide bans on the procedure, according to an April study published in the journal "Obstetrics & Gynecology." "That's not only difficult," Sorias said. "It also very much increases the competition for anybody trying to go into [Obstetrics], which is gatekeeping a career that needs more providers to begin with."Eshani Dixit, a medical student at Rutgers Robert Wood Johnson Medical School, echoed Sorias' concern. "It definitely is looking more and more difficult in terms of making sure I have access to education that's not only relevant to my desire to become an abortion provider but also just relevant to the practice of obstetrics and gynecology as a field and making sure that we're providing quality care to our patients," Dixit told Insider.She said she fears being in a state where only a medical emergency will allow her to perform an abortion legally. "But I'm nervous about being in those types of situations and not having the exposure to adequately care for the patients that I am serving," she said.Morgan Levy is a third-year med student at the University of Miami in Florida, where abortions are banned after 15 weeks with a few exceptions, such as to save a pregnant patient's life.Levy said she will have to consider a residency rotation out of state because she worries that there is a "significant portion of the training in the field" that she "would not be able to obtain simply because the procedure would not be legal for a patient to get." "I think that's a reality that a lot of students are going to face," Levy said. "They're going to have to go through all of these hurdles to go and find somewhere that they can actually get the training they're looking for."'We do what's best for the patient'A general view of an exam room inside the Hope Clinic For Women in Granite City, Illinois, on June 27, 2022. - Abortion is now banned in Missouri.ANGELA WEISS/AFP via Getty ImagesThe "Obstetrics & Gynecology" study recommended that programs establish "travel rotations for residents to obtain abortion training in states with protected abortion access." However, the study noted that travel rotations may not be feasible for the large number of residents that are training in states with limited access to abortion. The Accreditation Council for Graduate Medical Education, which accredits residency programs, submitted proposals that would require programs in states with restrictions on abortion to provide residents with alternative training in states that don't. "The proposed revisions help ensure obstetrics and gynecology residency programs provide residents with the knowledge, skills, and abilities necessary to practice comprehensive reproductive health care in the United States without resulting in any resident, physician educator, or residency program violating the law," a spokesperson for the ACGME said in a statement.The proposed revisions are still open for public comment before they are submitted to the ACGME Board for approval. Suh said she is fearful of providers becoming too apathetic to patients' needs as they are now placed in uncertain circumstances when seeking abortions. "We do what's best for the patient. We go through the best treatment, then the next," she said. But she said if she ends up in a state abortion is restricted then the scope of her training and the care she can deliver are compromised. She added that she thinks doctors have to do their best to do no harm and "when there's fully set laws that prevent you from giving the best possible care to a patient, that's just very mentally taxing."Suh said even if she ends up in a state where abortion isn't heavily banned, there's still a ripple effect."Even though we're in a state that it's very much still legal to get an abortion, we are seeing a noticeable increase in the amount of people who come in to see what options there are to permanently become infertile," Suh said.Both Sorias and Suh said they're concerned about the adequate training all residents in OBGYN are going to receive as a result of states having different policies. "Every single OBGYN should be well trained and skilled at providing abortions because it is life-saving care," Sorias said. "So it doesn't make any sense to me that over 50% of the country's OBGYN providers are in a place where they don't know how to do that. I would be very disappointed and scared."Maureen Phipps, chief executive officer of the American College of Obstetricians and Gynecologists, said that following the overturn of Roe, "the impact on physician training will be dire, and the consequences will be long lasting." "Medical education should be comprehensive, and our trainees must be prepared to meet all patient needs with confidence. When 44% of OBGYN residents are trained in states that are now empowered to ban abortion, patients will have to question whether their ob-gyn has had access to the quality of training that we have all come to expect," Phipps said in a statement.Read the original article on Business Insider.....»»

Category: worldSource: nytAug 7th, 2022

Agios (AGIO) Q2 Loss Narrower Than Expected, Sales Beat

Agios Pharmaceuticals' (AGIO) posts encouraging results for the second quarter. The company is enrolling participants across five pivotal studies evaluating the lead drug Pyrukynd. Agios Pharmaceuticals, Inc. AGIO incurred a loss of $1.68 per share from continuing operations for second-quarter 2022, narrower than the Zacks Consensus Estimate of a loss of $1.78. In the year-ago quarter, AGIO incurred a loss of $1.36 per share.Quarterly revenues were $5.6 million during the quarter, which beat the Zacks Consensus Estimate of $3.0 million. In the year-ago quarter, the company did not record any revenues.Quarter in DetailThis February, the FDA approved its lead pipeline candidate mitapivat for hemolytic anemia in adults with pyruvate kinase (PK) deficiency. The drug is being marketed under the trade name Pyrukynd. The drug is also Agios’ first product in its genetically defined diseases (GDD) portfolio to receive marketing approval after the company sold its oncology portfolio to France-based pharmaceutical company Servier last year.During the second quarter, Agios recorded product sales (entirely from Pyrukynd) of $3.1 million. In the previous quarter, the company generated $0.8 million from drug sales.Shares of Agios were likely up 14.7% on Aug 4 following the encouraging results for the second quarter, especially the higher-than-anticipated Pyrukynd sales. In fact, the stock has declined 13.0% in the trailing 12 months compared with the industry’s 41.6% fall.Image Source: Zacks Investment ResearchAgios also record $2.5 million as milestone revenue during the quarter. This was received by the company as an upfront payment associated with the licensing of intellectual property for Friedreich’s Ataxia preclinical program.Research & development expenses increased 20.2% year over year to $74.5 million due to a rise in start-up costs incurred by the company for its clinical studies.Selling, general and administrative expenses were down 3.3% year over year to $28.3 million, primarily due to the completion of the reimbursable transition services provided by the company to Servier about the sale of the oncology business.At the end of June 2022, cash, cash equivalents and marketable securities were $1.1 billion compared with $1.2 billion at March 2022-end.Pipeline UpdatesA regulatory application for Pyrukynd to treat adults with PK deficiency is pending with the European Medicines Agency (EMA) and a decision is expected by this year-end.Apart from PK deficiency, Agios is evaluating Pyrukyndfor SCD and thalassemia indications.AGIO initiated two phase III studies, namely ENERGIZE and ENERGIZE-T, to evaluate Pyrukyndfor thalassemia in adults, with one segment being not regularly transfused while the other being regularly transfused. Agios plans to complete enrolment in both studies by 2022-end.AGIO also initiated the phase II/III RISE UP study evaluating Pyrukyndfor SCD. It plans to complete enrolling patients in the study by 2022-end.Alongside its earnings results, Agios also announced that it initiated two phase III studies, namely ACTIVATE-kids and ACTIVATE-kidsT, which are evaluating Pyrukyndin pediatric patients who are not regularly transfused and are regularly transfused, respectively.Apart from Pyrukynd, Agios is evaluating AG-946, its next-generation pyruvate kinase-R activator. AGIO is currently evaluating the candidate in a phase I study to treat hemolytic anemia.Agios also intends to evaluate AG-946 for other indications. While a phase I study to evaluate the candidate for SCD is expected to begin in first-half 2022, a phase IIa study on the candidate for low- to intermediate-risk myelodysplastic syndrome (MDS) is planned to start by the 2022-end.Agios Pharmaceuticals, Inc. Price  Agios Pharmaceuticals, Inc. price | Agios Pharmaceuticals, Inc. Quote Zacks Rank & Stocks to ConsiderCurrently, Agios has a Zacks Rank #3 (Hold).Some better-ranked stocks in the overall healthcare sector include Alkermes ALKS, Jazz Pharmaceuticals JAZZ and Novavax NVAX, each of which carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Alkermes’ stock has risen 11.4% this year so far. Alkermes’ estimates for 2022 have gone up from a loss of 17 cents per share to earnings of 20 cents per share, while the consensus estimate for 2023 earnings has increased from 31 cents per share to 33 cents per share in the past 30 days.Alkermes beat earnings estimates in each of the last four quarters, delivering an average earnings surprise of 325.48%, on average. In the last reported quarter, ALKS reported an earnings surprise of 50.00%.Estimates for Jazz Pharmaceuticals’ 2022 earnings have increased from $17.05 to $17.14 in the past 30 days. JAZZ’s earnings estimates for 2023 have increased from $18.05 to $18.19 in the past 30 days. Shares of Jazz Pharmaceuticals have risen 18.7% in the year-to-date period.Earnings of Jazz Pharmaceuticals beat estimates in three of the last four quarters and missed the mark on one occasion, the average surprise being 10.94%. In the last reported quarter, JAZZ delivered an earnings surprise of 2.38%.Novavax’s stock has plunged 56.7% this year so far. Novavax’s earnings estimates for 2023 have increased from $10.43 per share to $10.62 per share over the past 30 days.Novavax missed earnings estimates in each of the last four quarters, delivering a negative earnings surprise of 184.49%, on average. In the last reported quarter, NVAX delivered a negative earnings surprise of 23.12%. Free: Top Stocks for the $30 Trillion Metaverse Boom The metaverse is a quantum leap for the internet as we currently know it - and it will make some investors rich. Just like the internet, the metaverse is expected to transform how we live, work and play. Zacks has put together a new special report to help readers like you target big profits. The Metaverse - What is it? And How to Profit with These 5 Pioneering Stocks reveals specific stocks set to skyrocket as this emerging technology develops and expands.Download Zacks’ Metaverse Report now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alkermes plc (ALKS): Free Stock Analysis Report Jazz Pharmaceuticals PLC (JAZZ): Free Stock Analysis Report Novavax, Inc. (NVAX): Free Stock Analysis Report Agios Pharmaceuticals, Inc. (AGIO): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksAug 5th, 2022

Dueling bids for US-made fighter jets could inflame tensions between 2 of NATO"s least friendly members

Turkey and Greece have both asked to buy new US fighter jets, and they might not both get what they want. Greek Prime Minister Kyriakos Mitsotakis, left, with Turkish President Recep Tayyip Erdogan in Istanbul on March 13, 2022.Xinhua via Getty Images Greece and Turkey have both asked to buy US-made fighter jets. Athens and Ankara have differing relationships with the US and may get different responses. That divergence may worsen the already fraught ties between the two NATO allies. Turkey and Greece, two of NATO's most valuable but least friendly allies, are pursuing new US-made fighter jets, but their diverging relationships with Washington mean they might not both get what they want.In June, Greece submitted a request to the US for the purchase of 20 F-35 stealth fighters with the option for 20 more jets in the future. The request comes as Athens's ties with Washington, especially their defense relationship, grow closer.Turkey had already requested to buy new US-made F-16s and F-16 upgrade kits last year, but in July, US lawmakers approved an amendment making that purchase harder by requiring President Joe Biden — who has expressed support for the sale — to certify to Congress that it is essential to US national security.Greece and Turkey's location next to each other in southeastern Europe, bordering the Black Sea and the Eastern Mediterranean Sea, makes them strategically important NATO members amid heightened tensions in those regions.But their relationships with the rest of the alliance are heading in opposite directions, and their own longstanding rivalry may only worsen if one of them gets new jets and the other doesn't.Congressional oppositionMitsotakis after giving an address to a joint session of Congress on May 17, 2022.Win McNamee/Getty ImagesGreece and Turkey have a very poor relationship and have often come close to open conflict in recent decades.The neighbors are at loggerheads over a number of issues, including ethnically divided Cyprus, opposing maritime claims in the Aegean and Eastern Mediterranean, and Turkey's recent challenge of the sovereignty of a number of Greek islands.Turkey's relationships with other NATO members, particularly the US, have also deteriorated. Ankara was part of the F-35 program but was booted from it by the US for buying Russia's S-400 surface-to-air missile system, which the US believed could compromise Western platforms, including the F-35."Turkey has not endeared itself to the US of late," said Andrew Novo, a senior fellow with the Center for European Policy Analysis and a professor at the National Defense University."Numerous Turkish policies have been a cause for concern," Novo told Insider, citing the S-400 purchase, the blocking of Sweden's and Finland's bids for NATO membership, provocations against Greece and Cyprus, Turkish attacks on US-allied Kurdish fighters in Syria and Iraq, and Ankara's involvement in Libya's civil war.Erdogan meets with then-Vice President Joe Biden in March 2016.Joshua Roberts/ReutersUS lawmakers have also expressed concern about erosion of democracy under President Recep Tayyip Erdogan."How do you reward a nation that does all of those things?" Sen. Bob Menendez, chairman of the Senate Foreign Relations Committee, told Politico in July. "I don't see it. Now, if they want to start changing their ways, that's a different story."The House amendment regarding Turkey's F-16 request also requires Biden to describe steps being taken "to ensure that such F-16s are not used by Turkey for repeated unauthorized territorial overflights of Greece."The amendment could be "a practical way to try and reign in Turkish military capabilities in order to constrain Ankara from becoming even more independent on the international scene in using its military," Novo said."It could be a useful bargaining chip against something more substantive that Washington would like from Ankara," he added.Tense Aegean skiesA Hellenic Air Force F-16 with the Zeus solo display team at an airshow in November 2016.George Panagakis/Pacific Press/LightRocket via Getty ImagesAthens and Ankara frequently accuse each other of flying into the other's airspace. Their jets regularly engage each other over the Aegean and both sides have lost pilots and jets in those encounters."Greece acquiring F-35s is not something Turkey would like to see as it would provide Greece a superior combat aircraft platform," Novo said.The Hellenic Air Force has a fighter fleet of nearly 200 aircraft, more than half of them F-16s. The Turkish fighter fleet is slightly larger and made up mostly of F-16s. This had created a rough parity, but the situation is now changing.Greece is upgrading 84 of its F-16s to the latest Viper configuration and recently ordered 24 French Rafales, which are slightly more advanced than the F-16 but not as sophisticated as the F-35.The Turkish Air Force on the other hand is still recovering from the 2016 attempted coup against Erdogan, which led to hundreds of its pilots being dismissed.Turkish Air Force F-16s in Poland in August 2021.Cuneyt Karadag/Anadolu Agency via Getty ImagesParticipating in the F-35 program would have given Turkey an advantage over Greece's F-16s, Novo told Insider. But if Greece's F-35 request is approved, "it would certainly make Turkey think twice about challenging Greece in the skies" and would improve "Greece's deterrent capabilities significantly," he added.The inability to upgrade and expand its F-16 fleet has led Turkey to explore alternatives.Ankara is reportedly looking at Eurofighter Typhoons — a 4.5-generation jet like the Rafale — instead of advanced F-16s. Turkish Aerospace Industries, which is mostly state-owned, is working with British firm BAE Systems to develop the TF-X, a fifth-generation stealth aircraft scheduled to enter service in 2028.Turkey is also developing the HÜRJET light combat aircraft in order to decrease its air force's reliance on the US.The US has long sought to support Greece and Turkey and to contain their longstanding rivalry, viewing the two countries as an important bulwark in southeastern Europe.While there are calls for the US to maintain its role as an even-handed mediator, the growing ties with Athens and increasing tension with Ankara appear to reflect a changing calculus in Washington.Constantine Atlamazoglou works on transatlantic and European security. He holds a master's degree in security studies and European affairs from the Fletcher School of Law and Diplomacy. You can contact him on LinkedIn.Read the original article on Business Insider.....»»

Category: smallbizSource: nytAug 4th, 2022

Quanta (PWR) Beats on Q2 Earnings, Ups 2022 Revenue View

Quanta Services (PWR) benefits from strength across the segments in Q2. Quanta Services Inc. PWR reported impressive results for second-quarter 2022. Adjusted earnings and revenues surpassed the Zacks Consensus Estimate and increased impressively on a year-over-year basis reflecting the benefits of portfolio strategy, and strategic capital deployment.Notably, earnings beat the consensus mark in the trailing nine quarters, whereas revenues surpassed the same in six out of nine consecutive quarters.The stock has moved down 2.2% in the pre-market trading session on Aug 4, post its earnings release.Duke Austin, president and CEO of Quanta, stated, “Notably, we are seeing growing demand for our renewable generation and infrastructure solutions in 2023 and beyond, giving us continued confidence in our multi-year financial targets.”Detailed DiscussionQuanta’s adjusted earnings of $1.54 per share surpassed the consensus estimate of $1.51 by 2% and increased 45.2% from the year-ago quarter’s $1.06. The upside was backed by revenue growth across the segments, record total backlog and solid and safe project execution.Quanta Services, Inc. Price, Consensus and EPS Surprise Quanta Services, Inc. price-consensus-eps-surprise-chart | Quanta Services, Inc. QuoteTotal revenues of $4.23 billion also surpassed the consensus mark of $4.02 billion by 5.3% and increased 41.1% year over year.The operating margin for the quarter fell 50 basis points (bps) to 4.9% from a year-ago figure of 5.4%. Adjusted EBITDA of $422.1 million improved 50% from $281.3 million in the year-ago quarter.The company reported a 12-month backlog of $11.58 billion and a total backlog of $19.85 billion at June-end. At December 2021-end, the 12-month backlog came in at $11.31 billion, and the total backlog was $19.27 billion. The reported metrics were also up from second-quarter 2021 end respective figures of $8.98 billion and $16.98 billion.Segment DetailsIt reports results under three reportable segments: Electric Power Infrastructure Solutions segment, Renewable Energy Infrastructure Solutions and Underground Utility and Infrastructure Solutions.Revenues from Electric Power Infrastructure Solutions totaled $2.2 billion, increasing 21.1% year over year. The operating margin contracted 80 bps to 10.6%. The segment’s 12-month backlog was $6.38 billion, up from $5.56 billion a year ago. The total backlog of $11.72 billion increased from $11.29 billion reported in the prior-year quarter.Revenues from Renewable Energy Infrastructure Solutions totaled $924.2 million, up 178.4% year over year. Operating margins contracted 20 bps to 8.8%. The segment’s 12-month backlog was $2.35 billion, up from $942 million a year ago. The total backlog of $3 billion increased from $1.35 billion reported in the year-ago period.Within the Underground Utility and Infrastructure Solutions segment, revenues rose 30.1% from the prior-year quarter’s levels to $1.11 billion. The operating margin of 8.1% was up 530 bps from 2.8% reported in the prior-year quarter. Segment’s 12-month backlog totaled $2.84 billion, up from $2.47 billion a year ago. The total backlog increased to $5.12 billion from $4.34 billion in the prior-year quarter.LiquidityAs of Jun 30, 2022, Quanta had cash and cash equivalents of $150.7 million, down from $229.1 million at the 2021-end. The company’s long-term debt (net of current maturities) amounted to $3.87 billion, up from $3.72 billion as of Dec 31, 2021.Net cash provided by operating activities was $118.7 million in the second quarter, down from $188.9 million a year ago. Free cash flow for the second quarter came in at $13.5 million versus $125.8 million reported in the year-ago period.2022 Guidance UpdatedQuanta now expects revenues between $16.6 billion and $17.0 billion versus the prior projection of $16.2-16.7 billion. The Zacks Consensus Estimate for the said metric is currently pegged at $16.47 billion.It still expects adjusted (non-GAAP) earnings between $6.10 and $6.44 versus $6.00-$6.50 expected earlier. The Zacks Consensus Estimate is currently pegged at $6.30 per share.Adjusted EBITDA is now projected within $1.64-$1.71 billion versus $1.60-$1.71 billion expected earlier. Quanta’s full-year non-GAAP free cash flow projection is pegged at $550-$750 million.Zacks Rank & Some Recent Construction ReleasesQuanta currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.EMCOR Group, Inc. EME reported solid results for second-quarter 2022. The top and bottom lines surpassed the Zacks Consensus Estimate and increased year over year.EME’s management approved a 15.4% hike in its regular quarterly dividend to 15 cents, payable on Oct 31 to stockholders of record as of Oct 18, 2022. Also, it authorized a new share repurchase program to repurchase up to an additional $500 million of its outstanding common stock.United Rentals, Inc. URI posted better-than-expected second-quarter 2022 results. Better fleet productivity on broad-based rental demand in construction and industrial verticals, higher total and rental revenues along with stronger pricing helped the company to boost profit.URI also lifted its full-year guidance for total revenues, adjusted EBITDA and free cash flow, given broad-based end-market activity, contractor backlogs, customer sentiment and our visibility through the balance of the year.Martin Marietta Materials, Inc. MLM reported impressive second-quarter 2022 results. Earnings and revenues surpassed the Zacks Consensus Estimate and increased on a year-over-year basis, backed by improved pricing across businesses and higher demand.Despite increased inflationary pressure from rising input costs and a challenging macroeconomic and geopolitical environment, solid execution of its strategic business plan and resilient aggregates-led business drove the result. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Quanta Services, Inc. (PWR): Free Stock Analysis Report EMCOR Group, Inc. (EME): Free Stock Analysis Report Martin Marietta Materials, Inc. (MLM): Free Stock Analysis Report United Rentals, Inc. (URI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksAug 4th, 2022

Q2 Earnings Scorecard and Analyst Reports for Visa, Comcast & Medtronic

Today's Research Daily features updated earnings scorecard and fresh analyst reports on Visa (V), Comcast (CMCSA), Medtronic (MDT) & others. Thursday, August 4, 2022The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features a real-time update on the ongoing Q2 earnings season and new research reports on 16 major stocks, including Visa Inc. (V), Comcast Corporation (CMCSA), and Medtronic plc (MDT). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today. You can see all of today’s research reports here >>>Q2 Earnings Season Scorecard Including all the reports that came out the morning of August 4th, we now have Q2 results from 410 S&P 500 members or 82% of the index's total membership. Total earnings for these companies are up +7.8% from the same period last year on +14.8% higher revenues, with 77.3% beating EPS estimates and 68.8% beating revenue estimates. The proportion of these 410 index members beating both EPS and revenue estimates is 58.5%. As we have been pointing out since the start of this reporting cycle, the EPS and revenue beats percentages are tracking towards the lower end of the historical range for this group of stocks. That said, the market has found these results fairly reassuring, particularly given concerns about a Fed-driven economic slowdown or even a recession. To that end, while some companies have guided lower, citing trends in consumer spending, FX headwinds or the pre-existing issues of inflationary and logistical challenges, the overall tone and substance of management guidance and commentary has been good enough. Estimates for the second half of the year and next year have come down a bit, but the declines are nowhere near what would be consistent with a significant economic slowdown or recession. Looking at Q2 as a whole, combining the actual results from the 410 index members that have reported with estimates for the still-to-come companies, earnings and revenues are on track to be up +6.3% and +13.7% from the year-earlier level, respectively. The aggregate total of Q2 earnings for the index are on track to reach a new all-time quarterly record, surpassing the level reached in 2021 Q3. Today's Featured Analyst ReportsVisa shares have modestly lagged Mastercard in the year-to-date period (-1.1% vs. -0.2%), but they have handily outperformed the S&P 500 index (down -13.1%) and the Zacks Finance sector (-12.9%). The company is undoubtedly faced with a number of near-term challenges, but the long-term outlook remains positive, as came through in the recent quarterly report. Visa’s fiscal third-quarter earnings beat estimates. Its numerous buyouts and alliances paved the way for long-term growth and consistently drove its revenues. Constant investments in technology are solidifying its position in the payments market. A shift in payments to the digital mode is a boon.The coronavirus vaccine rollouts and the gradual revival of consumer confidence will keep driving spending, expanding business volumes in turn. Backed by its strong cash position, it remains committed to boosting its shareholder value.(You can read the full research report on Visa here >>>)Comcast shares have declined -31.5% over the past year against the Zacks Cable Television industry’s decline of -35.0%, reflecting persistent trends in cord cutting and a leveraged balance sheet in a backdrop of tightening monetary policy. The second-quarter 2022 results reflected slowing broadband user base addition primarily due to reversal of pandemic trends and increased competition.Nevertheless, the company benefited from a growing wireless subscriber base. Comcast’s plan to transition to DOCSIS 4.0 is noteworthy in this regard. The technology will help it in expanding much faster and at a lower cost compared to competitors.Recovery in park and movie business bodes well for Comcast’s profitability. Its streaming service Peacock is a key catalyst in driving broadband sales. Strong free cash flow generation ability is noteworthy.(You can read the full research report on Comcast here >>>)Medtronic shares have outperformed the Zacks Medical - Products industry over the past 2 years (+0.9% vs. -38.4%) on the back of a succesful global expansion effort. Meanwhile, within Cardiovascular, the company is gaining market share, banking on recent product launches.Within MedSurg, Medtronic is scaling its production of Hugo RAS. Innovations and market expansion efforts are helping it offset the impact of the high inflation and supply disruptions.Medtronic’s strong liquidity position should allow it to meet its near-term debt obligations. All these factors support our bullish stance on the stock.(You can read the full research report on Medtronic here >>>)Other noteworthy reports we are featuring today include Lockheed Martin Corporation (LMT), ServiceNow, Inc. (NOW), and Chubb Limited (CB).Sheraz Mian Director of ResearchNote: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>Today's Must ReadVisa (V) Rides on Improving Top Line & Financial PositionWireless Subscriber Gain Drives Comcast's (CMCSA) ProspectsMedtronic (MDT) Market Share Grows, MedSurg Prospect RobustFeatured ReportsOrder Growth Boosts Lockheed (LMT), Tiff With Turkey AilsPer the Zacks analyst, steady order flow continues to boost Lockheed's revenue growth. Yet, the U.S. government's tiff with Turkey over its involvement in Russia's S-400 may hurt F-35 program.Growing Customer Base & Partnerships Aid ServiceNow (NOW)Per the Zacks analyst, ServiceNow benefits from rising adoption of its workflows from companies undergoing digital transformation. Also, strategic alliances with the likes of Microsoft are a tailwind.Mobile & Internet Subscriber Gain Benefits Charter (CHTR)Per the Zacks analyst, higher subscriber strength in residential and commercial internet services along with broadening Spectrum Mobile user base is driving Charter's top line.Dollar Tree's (DLTR) Real Estate Initiatives Hold PotentialPer the Zacks analyst, Dollar Tree is on track with optimizing its store portfolio through new store openings, renovations, re-banners and closings. Its new H2, Dollar Tree Plus and Combo Stores holdLoan Growth Supports M&T Bank (MTB), Rising Costs a Woe Per the Zacks analyst, M&T Bank's top line gets support from increasing loans and rising interest rates.Sports Betting Aid Wynn Resorts (WYNN), Macau Woes HurtsPer the Zacks analyst, Wynn Resorts is benefiting from robust demand for sports betting and expansion in domestic markets. However, coronavirus related restrictions in Macau hurts the company.CRISPR Therapeutics' (CRSP) Pipeline Development Fuels GrowthWhile CRISPR Therapeutics' pipeline progress is impressive, the Zacks Analyst is concerned about a lack of stable stream of income as the company has no marketed drugs in its portfolio.New UpgradesChubb (CB) Continues to Gain From Strategic AcquisitionsPer the Zacks analyst, buyouts have helped Chubb in domestic as well as international expansion, boosted the portfolio of products and services and aided revenue growth.Phillips 66 (PSX) to Gain From Higher Distillate Fuel DemandPer the Zacks analyst, Phillips 66 is well-positioned to benefit from higher distillate fuel demand amid changes in the marine fuel sulfur limits.Halliburton (HAL) to Benefit from North American ExposureThe Zacks analyst believes that Halliburton can take advantage of the tight fundamentals of the North American land drilling space through its market-leading pressure pumping operations.New DowngradesLower Current Ratio and Seasonality Bother Equifax (EFX)The Zacks analyst is pessimistic about Equifax's revenue streams, affected by seasonality. Moreover, the decreasing current ratio (a measure of liquidity) is a headwind.Supply Chain Related Headwinds to Weigh on Oshkosh (OSK)Supply chain snafus and increasing inflationary pressure will mar Oshkosh's near-term prospects, per the Zacks analyst. To that end, the firm has also trimmed its fiscal 2022 EPS view. Soft Industrial Segment & Rising Costs Hurt Woodward (WWD)Per the Zacks analyst, Woodward's performance is being affected by weakness in Industrial segment due to supply chain woes. Rising material and labor costs are added concerns. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Visa Inc. (V): Free Stock Analysis Report Comcast Corporation (CMCSA): Free Stock Analysis Report Medtronic PLC (MDT): Free Stock Analysis Report Chubb Limited (CB): Free Stock Analysis Report ServiceNow, Inc. (NOW): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksAug 4th, 2022